Market is still cautious with heat degree in coffee growing areas Brazil when the forecast is likely to reach the threshold of 0 degrees Celsius and the risk of “black frost” in the second half of this week…
Robusta chart London September 2021 session on 27/07/2021
At the end of the session, the price of Robusta coffee on the ICE Europe – London exchange dropped. The September spot futures fell by $37 to $1,927 per ton and the November delivery term fell by $35 to $1,940 per ton, very significant reductions. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has a downward trend. September spot futures fell 6.05 cents to 201.75 cents/lb and December futures fell 6.10 cents to 214.60 cents/lb, sharp declines. Trading volume very above average..
The price of green coffee beans in the Central Highlands provinces decreased by 500-600 VND, to range from 37,400 to 38,000 VND/kg.
Price of export Robusta coffee grade 2.5% black broken, standing at 1,840 USD/ton, FOB – HCM, with a deduction of 90-100 USD/ton according to the November futures price in London.
The reais stabilized at 1 USD = 5.1750 reais as US stocks tumbled due to the Chinese government’s increased controls on technology and private education. There are also rumors that Copom Brasil will raise the base rate of the Reais next week, in addition to speculation that the Fed will tighten finances at this week’s policy meeting.
Coffee futures prices corrected lower on both exchanges due to excessive gains in the previous sessions, while the forecast of cooler temperatures in southern Brazil also contributed to a slowdown in the upward momentum. However, the market is still cautious with the forecast that the temperature in coffee growing areas in the second half of this week is likely to reach 0 degrees Celsius and the risk of “black frost”.
English (giacaphe.com)
