Trade in Vietnam’s domestic market has begun to calm down as people focus on the approaching Lunar New Year…
At the end of the trading session alone at the beginning of the week, the price of Robusta coffee on the ICE Europe – London floor adjusted down. The March spot futures fell by $9 to $1,907/ton and the May delivery term dropped $8 to $1,871/ton, slightly lower levels. Trading volume quite below average.
Meanwhile, the price of Arabica coffee on the ICE US exchange – New York was unchanged because the market was closed for the Martin Luther King Celebration, the National Holiday of the United States.
The price of green coffee beans in the Central Highlands provinces decreased by 100-200 VND, to range from 41,400 to 41,900 VND/kg.
Robusta coffee futures prices in London corrected down because this market technical indicator has entered the zone “overbought” and the price gap with Arabica in New York is now too high, which is very beneficial for business between the two exchanges. However, the price has not yet penetrated the psychological level of $ 1900 thanks to the London market and the support of the report that inventories managed by ICE – London are at a 4.5-year low that cannot be replenished in a short time. .
Meanwhile, the domestic market of the leading Robusta producer has entered a quiet period as people are focusing on everything for the Lunar New Year holiday, which will begin this weekend. Normally, coffee trade will be delayed for about 2 weeks before and after New Year’s Eve.
English (giacaphe.com)
