Coffee prices fell in a row as speculative capital left the commodity markets to seek shelter…
Robusta chart London 11/2022 session on August 30, 2022
Ending the first session of the week, the price of Robusta coffee on ICE Europe – London dropped for the third consecutive session. The November spot term decreased by another 18 USD, to 2,261 USD/ton and the delivery term in January 2023 decreased by 15 USD to 2,245 USD/ton, significant reductions. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has a downward trend. December spot futures fell another 1.40 cents to 235.20 cents/lb and March 2023 futures fell another 1.65 cents to 228.80 cents/lb, significant reductions. Trading volume on average.
The price of green coffee beans in the Central Highlands provinces decreased by 200-300 dong, to range from 48,000 to 48,600 dong/kg.
The price of coffee futures dropped continuously due to concerns that the basic USD interest rate would be raised by the US Federal Reserve (Fed) by 0.75% instead of 0.5% as previously predicted through the development of the US Federal Reserve. The Fed chairman’s rather tough speech at the Jackson Hole Conference when there was a significant increase in the US jobs report in July, added optimism to the growth of the economy and helped the Fed prevent decisive inflation. more paralysis.
Speculative capital fleeing many general commodity markets to seek shelter due to heightened risk aversion, pushed US Treasury yields further, despite central banks raising interest rates together. and brought the world into a recession, while the tension between China and the US over the sale of $1.1 billion worth of weapons to Taiwan and the crisis of the Eurozone persists.
US stocks fell for the third consecutive session. The reais rate fell 1.54% to 1 USD = 5,111 R$ which encouraged Brazilians to sell coffee exports and forecast the weather in the southern Brazilian coffee regions will see light rain scattered in the coming days. the next day to help relieve the stress of drought.
Data reported by Vietnam Customs shows that exports in the first 15 days of August 2022 reached 48,829 tons (equivalent to 813,817 bags, 60kg bags) of all kinds of coffee, bringing the export of the first 7.5 months of 2022 to the total. plus 1,185,089 tons (about 19.75 million bags), an increase of 17% over the same period last year.
ANhan Van (giacaphe.com)
