Coffee prices continue to enjoy benefit from gold and crude oil prices continuing to decline before the US will release oil reserves to prevent rising inflation…
Robusta chart London T5/2022 session on March 31, 2022
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to increase. Futures for delivery in May increased by 13 USD, to 2,165 USD/ton and term for delivery in July increased by 12 USD, to 2,152 USD/ton, significant increases. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York increased for the third consecutive session. The May spot futures increased by 4.55 cents to 226.40 cents/lb and the July delivery also added 4.55 cents to 226.45 cents/lb, strong gains. Trading volume remained quite above average.
The price of green coffee beans in the Central Highlands provinces increased by 200-300 dong, up to range from 41,100 to 41,600 dong/kg.
Coffee futures prices continued to benefit as gold and crude oil prices continued to decline. Especially after the US president announced that he would release oil reserves with a quantity of 1 million barrels per day within 6 months to curb inflationary pressure, while the Organization of the Petroleum Exporting Countries OPEC + also announced announced that it will increase production by 432,000 bpd from May 2022 to support the global economic recovery after the covid pandemic, which has contributed to the softening of crude oil prices. Speculative capital flows continued to move back to commodity exchanges, including coffee.
Meanwhile, with a double-digit annual consumption growth, Indonesian producers continue to import high-quality wet-processed Arabica coffee from South American countries and prioritize the supply of Robusta coffee. new service to the domestic industry at a premium of more than $250/ton from the London futures price.
English (giacaphe.com)
