Both exchanges continued the upward momentum in the cautiousness of speculators, so the trading volume was still not high…
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to increase. Futures for delivery in January increased by 20 USD to 1,976 USD/ton and term for delivery in March increased by 11 USD to 1,879 USD/ton, significant increases. Trading volume quite above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has the same upward trend. March spot futures added 1.55 cents to 169.35 cents/lb and May futures added 1.45 cents to 169.05 cents/lb, significant gains. Trading volume remain below average.
The price of green coffee beans in the Central Highlands provinces increased by 100-200 VND, to range from 41,100 to 41,700 VND/kg.
US stocks rose for a second day in a row, reflecting Wall Street’s optimism on expectations of higher consumer confidence and easing risk aversion.
Contributing to the general optimism of the coffee futures markets are November Trade Report of the International Coffee Organization (ICO) shows that global coffee exports in the first month of the current coffee year 2022/2023 have decreased by 1.9% compared to the same period in the previous crop year, down to only 6.96 million bags. Within 12 months, ending in October 2022, exports of Arabica coffee totaled 90.54 million bags, down 2.0 percent and Robusta exports increased 2.48 percent year-on-year.
According to data reported by Safras & Mercado, Brazilians have so far sold 71% of coffee production in the 2022/2023 crop, or 40.84 million bags, out of an estimated total production of 57.3 million bags, slightly higher than the 5-year average of about 69%.
English (giacaphe.com)
