Reais copper exchange rate rose again and US stocks declined before optimism about the coming of covid-19 preventive vaccine that supported New York coffee prices …
Robusta London T1 / 2021 chart session on December 7, 2020
KAt the end of the first session of the week, Robusta coffee prices on ICE Europe – London continued to weaken. January spot futures dropped by 9 USD, down to 1,328 USD / ton and futures delivered in March dropped by 5 USD, to 1,350 USD / ton, the significant decreases. Trading volume is above average.
In contrast, Arabica coffee prices on the ICE US – New York floor reversed and increased. Futures for March delivery increased 1.55 cents, to 119.1 cents / lb and futures for May delivery increased 1.45 cents, to 120.8 cents / lb, the increases are very significant. Trading volume is quite high above average.
The price of coffee beans in the Central Highlands provinces decreased by 100-200 VND, down to fluctuating in the frame 31,600 – 32,100 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,430 USD / ton, FOB – HCM, with the difference plus 60-80 USD / ton in term of March in London.
Reais copper increased slightly by 0.03%, to stand at $ 1 = 5,1240 Reais after falling quite deeply earlier due to rumors of Government spending over the ceiling that caused market anxiety and Reais copper plunged. .
US stocks slumped on optimism that the covid-19 preventative vaccine will be used as soon as this month and drought in the main Arabica producing states of Brazil has supported coffee prices in New York, during negotiations. Brexit There is still a lingering stalemate with many EU countries that could take measures to relax society until next spring, even to Easter as a British official has guessed, pushing London Robusta coffee prices in place. disadvantage due to concerns about declining coffee consumption.
Meanwhile, the pressure to sell hedge for new crops from leading manufacturers is still intact and the new crop is being strengthened with forecast yields of about 27-28 million bags.
English (giacaphe.com)
