Futures coffee prices reversed and recovered strongly thanks to speculative capital flows “run away” from cryptocurrency exchanges…
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to increase. Futures for delivery in March increased by 40 USD, to 2,237 USD/ton and term for delivery in May increased by 37 USD, to 2,203 USD/ton, strong increases. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has an upward trend. Futures for March delivery were up 4.95 cents to 237.90 cents/lb and for May delivery was up 4.90 cents to 238.15 cents/lb, strong gains. Trading volume very high above average.
The price of green coffee beans in the Central Highlands provinces increased by 700-800 VND, to range from 40,000 to 40,500 VND/kg.
Following the consecutive decline of stock exchanges was the “run away” of speculation on digital currency exchanges. This has helped commodity markets in general benefit, despite USDX maintaining its bullish momentum.
Arabica coffee prices in New York rebounded to recover all the losses of the previous session, also helped by reports of below-average rainfall in the main coffee growing region in southern Brazil.
Meanwhile, Vietnamese farmers are rumored to not want to sell coffee at current prices, even though they are in need of cash to spend for the approaching Lunar New Year. At the same time, most of the local traders have closed with the long Tet holiday also raising short-term supply concerns.