London coffee futures prices appear inverse structure in the near term, revealing the concern of shortage of Robusta supply from major producers…
Robusta chart London September 2021 session on July 2, 2021
At the end of the last session of the week, Robusta coffee prices on ICE Europe – London tended to be mixed. Futures for September delivery increased by 6 USD to 1,707 USD/ton, while the term for November delivery decreased by 6 USD to 1,699 USD/ton, with slight increases/decreases. Trading volume remain above average.
In contrast, the price of Arabica coffee on the ICE US floor – New York had a fourth consecutive decline. September spot futures fell another 3.35 cents to 153.05 cents/lb and December futures also fell 3.35 cents to 155.95 cents/lb, sharp declines. Trading volume on average.
The price of green coffee beans in the Central Highlands provinces increased from 0 to 100 dong, to range from 35,600 to 36,200 dong/kg.
The price of exported Robusta coffee, 2.5% black broken, stood at 1,707 USD/ton, FOB – HCM, according to September futures prices in London.
The Reais fell 0.17%, the exchange rate fell to 1 USD = 4,0540 Reais on suspicions of corruption by the Brazilian Government through the purchase of Covaxin, while the higher-than-expected US jobs report supported USDX regained strength and the US economy recovered at a stronger rate than expected.
New York coffee prices fell consecutively when it was reported that the cold wave of late June in southern Brazil did not significantly harm Arabica coffee trees, which have been relocated to the warmer north. While the market is still under pressure to sell new crops from leading manufacturers.
In contrast, London coffee prices have not only stayed above the psychological level, but have also produced an inverse price structure in the near term, rarely seen. This is attributed to analysts’ demand for real goods in the short and medium term.
Data reported by the government trade agency from Sumatra, Indonesia’s main coffee-producing island, showed that Robusta coffee exports in June only reached 110,147 bags, down 143,100 bags, or 56.50% down compared to in the same period last year. This contributes to Indonesia’s cumulative exports of Robusta coffee in the first nine months of the current coffee crop year 2020/2021 reaching a total of 1,642,082 bags, a decrease of 706,908 bags, or a decrease of more than 30.09% over the same period last year. previous service. The cause is said to be the same with the decline in exports of coffee producing countries in Southeast Asia due to the lack of empty containers and high sea freight rates.
English (giacaphe.com)
