Fear of risks before the holiday caused the price of coffee futures to reverse and decline…
At the end of the session, the price of Robusta coffee on the ICE Europe – London exchange reversed to decline. Futures for delivery in January decreased by 20 USD to 1,814 USD/ton and term for delivery in March decreased by 14 USD to 1,790 USD/ton, significant reductions. Trading volume remain above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has a downward trend. The March spot futures fell 1.95 cents to 165.75 cents/lb and the May delivery futures fell 1.45 cents to 162.95 cents/lb, very significant declines. Trading volume on average.
The price of green coffee beans in the Central Highlands provinces decreased by 300-400 VND, to range from 39,900 to 40,400 VND/kg.
Coffee prices on both exchanges reversed to decrease due to risk aversion ahead of the Thanksgiving holiday in North America.
USDX dropped sharply after the US Federal Reserve (Fed) released the minutes of the last session, showing that there is more caution and dovishness if the US economic index reports continue to improve significantly and Inflation rate showed signs of slowing down, while emerging currencies added value, helping commodity and speculative funds slow to buy. Contributing to the weakening of commodity prices in general is the news that China continues to blockade some localities for fear of spreading disease, which also makes commodity speculators more cautious.
Preliminary data from Vietnam Customs shows that coffee exports in the first half of November reached 55,444 tons (equivalent to 924,067 bags, 60 kg bags), an increase of 42.26% compared to the same period last year, bringing coffee exports. Coffee in the first 10.5 months of the year reached a total of 1,485,921 tons (about 24.76 million bags), an increase of 12.17 percent compared to the same period last year, which contributed to reducing the concern of delayed supply, while the report Certified inventories on the London Stock Exchange are still standing at a 23-year low.
Scattered rains in the Central Highlands coffee area caused the speed of coffee harvesting and drying of the 2022/2023 crop to continue to slow down compared to previous years.
English (giacaphe.com)
