It seems that the market has over-expected the new US $ 1.9 trillion financing package of the New US President, which is still negotiating, causing the stock markets and many commodities to reverse …
At the end of the last session of the week, Robusta coffee prices on ICE Europe – London reversed and dropped. Futures for delivery in March decreased 9 USD, down to 1,343 USD / ton and futures for May delivery decreased 11 USD, to 1,369 USD / ton, the significant decreases. Trading volume in mmedium breast.
Similarly, Arabica coffee prices on the ICE US – New York floor also decreased. May spot futures fell 0.15 cents, down 129.15 cents / lb and July futures fell 0.2 cents, to 131 cents / lb, the levels slightly decreased. Trading volume in mmedium breast.
The price of coffee beans in the Central Highlands provinces decreased by 100-200 VND, down to fluctuate in the frame 31,600 – 32,200 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,449 USD / ton, FOB – HCM, with the difference plus 70-80 USD / ton in term of May in London.
Reais copper surged 1.08%, up to 1 USD = 5,3840 Reais with the announcement of temporary exemption of petrol tax for 2 months by the Brazilian government, while the world crude market was fluctuating strongly in front of demand. Consumption demand is recovering with reported data showing positive economic growth in many economies, the disease seems to be somewhat easing, and the number of covid-19 vaccinations has increased significantly.
Arabica coffee prices adjusted down after a series of significant growth, especially speculators adjusted and balanced their positions when the option contract expired and the New York market entered the first announcement date (FND ) of March.
Meanwhile, the decline in Robusta coffee prices was due to short-term profit-taking speculation, but also due to the overbought position adjustment balance. Although the March option contract expires on February 23, the previous overbought will put considerable pressure on the exchange in the coming days.