Fed – US raised the USD interest rate by 0.75%, in line with market speculation that has encouraged Funds and speculators to return to bull markets to buy…
London Robusta chart January 1, 2023, session on November 3, 2022
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to increase. Futures for delivery in January increased by 43 USD, to 1,882 USD/ton and term for delivery in March increased by 36 USD, to 1,863 USD/ton, strong increases. Trading volume above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York also tends to increase. December spot futures rose 7.55 cents to 182.15 cents/lb and March futures rose 6.75 cents to 176.95 cents/lb, very strong gains. Trading volume remained very high above average .
The price of green coffee beans in the Central Highlands provinces increased by 800-900 dong, ranging from 41,300 to 41,900 dong/kg.
Coffee prices on both floors bounced in the mood waiting for the decision to raise the USD interest rate at this meeting of the Fed.
The market also received a lot of supply and demand information from producing countries. Featured is the Brazilian Government’s preliminary data report. According to the report, the export of green coffee in October reached 3.33 million bags, up 5.85% over the same period last year. Meanwhile, coffee producing countries in Central America, the main supply of New York’s Arabica floor for export in October decreased because the supply of the crop was exhausted, while the Central American region has just entered the harvest season. The new coffee crop year 2022/2023 is expected to increase production by about 10% compared to the previous crop year.
The US Federal Reserve (Fed) announced to raise interest rates this period by 0.75%, in line with market expectations, helping commodity stocks rebound, while USDX corrected down in favor of currencies. emerging currencies and supporting purchasing power. The Catholic holiday of All Souls Day (Dia de Finados) also helped support prices, following a strike that blocked interstate highways by truckers in Brazil.
English (giacaphe.com)
