The volatility of the world currency is accompanied by a forecast for a decline in output in Brazil, a slowdown in the harvest of a new crop in Vietnam and other Central American countries due to successive storms that support coffee prices to reverse. recuperate.
Robusta London T1 / 2021 chart session on November 6, 2020
KAt the end of the session, Robusta coffee prices on ICE Europe – London continued to recover. Futures for delivery in January increased 11 USD, to 1,350 USD / ton and futures for delivery in March increased by 13 USD, to 1,363 USD / ton, the significant increases. Trading volume remained very low below average.
Similarly, Arabica coffee prices on the ICE US – New York floor also tend to increase. Futures for December delivery increased 1 cent, to 106.95 cents / lb and futures for March delivery also increased 1 cent, to 109.45 cents / lb, the significant increases. Trading volume remained very high above average.
The price of coffee beans in the Central Highlands provinces increased thrrm 100-200 VND, up fluctuating in the frame of 32,600 – 33,200 VND / kg.
Export Robusta coffee price grade 2, 5% broken black, stood at 1,483 USD / ton, FOB – HCM, with the difference plus 100 – 120 USD / ton in term of March in London.
Reais copper soared 2.84%, to stand at $ 1 = 5.3880 Reais its biggest daily gain since June 5, amid optimism about the Government’s tax reform program, while outside also expect the US Congress will soon discuss the new funding package worth $ 2.200 billion is suspended.
On the contrary, the impact of the possibility of recounting votes after an election week has caused USDX to plummet to 6.11%, the biggest weekly decline since June. This has helped emerging currencies regain value and when the Reais strengthens will support some agricultural exports, especially coffee prices will also increase.
Coffee prices continue to recover due to Brazil’s next crop will decrease by 14-21% of output, according to the Procafe Organization and the National Agricultural Federation (CNA).
In addition, storms and tropical depression continuously entering the Central Coast and causing continuous rain on the coffee area of the Central Highlands of Vietnam slowed down the harvest of Robusta crop this year. During La Nina years, coffee producing countries in Asia often received excess rainfall that could damage the quality of the beans and lead to a delay in new crop supply.
English (giacaphe.com)
