The market is cautious before the announcement of important US economic indicators in the next 2 days…
Robusta chart London 11/2022 session on 11/10/2022
At the end of the session, the price of Robusta coffee on ICE Europe – London continued the uptrend. The November spot term increased by 8 USD, to 2,166 USD/ton and the term for delivery in January 2023 increased by 6 USD, to 2,160 USD/ton, slight increases. Trading volume remain average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has the same upward trend. December spot futures rose 0.40 cents to 217.85 cents/lb and March 2023 futures rose 0.30 cents to 207.95 cents/lb, slight gains. Trading volume above average.
The price of green coffee beans in the Central Highlands provinces increased by 0-100 VND, to ranged from 46,600 to 47,300 VND/kg.
Coffee futures prices rose only slightly at the end of the session as the market continued to react to the Fed’s expected policy after the announcement of a job increase which means higher rates and tighter tightening, especially after the Bank The Bank of England (BoE) intervenes in the domestic bond market.
Investors in the futures markets continued to show concern after the report that inventories on both exchanges were currently too low, which supported coffee prices to rise from the beginning of the session. After the BoE’s statement that it would reduce liquidity in the market, investors were cautious, causing buying power on the London Robusta floor to slow down.
USDX still maintains its upward momentum in a basket of strong currencies, continuing to cause difficulty in purchasing power in most markets.
ANhan Van (giacaphe.com)
