Commodity market continued to correct down before the policy “Zero-covid” of the world’s largest consumer of goods…
Robusta chart London September 2022 session on August 16, 2022
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to decline. The September spot futures fell by $32 to $2,224 per ton and the November delivery term fell by $37 to $2,228 per ton, sharp declines. Trading volume stay above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has a downward trend. September spot futures fell another 6.15 cents to 219.35 cents/lb and December futures fell another 5.25 cents to 216.30 cents/lb, sharp declines. Trading volume very above average.
The price of green coffee beans in the Central Highlands provinces decreased by 600 – 700 VND, to ranged in the range of 47,800 – 48,200 VND/kg.
Coffee futures prices returned to the negative trend as investors worried about the slowdown of the Chinese economy and expected more on the report of more upbeat US economic indicators to support the Fed at the meeting. operating basic interest rate USD coming.
Today, the Fed will publish the minutes of its two-day meeting on August 26 and 27 and investors are expected to foresee the next moves of the agency. Especially in the context of the recession of the Chinese economy and the caution when the US economic growth has not been as expected, although the fear of a recession has eased a bit.
USDX bounces back when green silver coin continue to be selected as a shelter. The Reais rate fell 0.94% to $1 = R$5,1400. Market opinion “There has been a correction in commodity prices and fears of increased covid cases in China”.
ICE – New York inventory report continues to decline, but the number of Arabic coffees waiting for quality inspection continues to increase is just a technical move to ensure the source of certified goods for roasters, in when the Brazilian supply is often difficult to buy at the moment because farmers are focusing on the harvest.
Market sentiment is still under pressure of new coffee crop “good season” cyclical “two years one” in Brazil is currently in the final stage of the harvest.
Coffee Bean Association (GCA) The report showed that North American coffee stocks in July rose 2.9% month-on-month to 6.223 million bags, the highest level in more than 20 months.
English (giacaphe.com)
