The market is watching the results of this year’s crop in Brazil and the inventory report at ICE – New York fell to a more than 20-year low…
Robusta chart London September 2022 session on 04/07/2022
Ending the trading session alone at the beginning of the week, the price of Robusta coffee on the ICE Europe – London floor decreased for the third consecutive session. The September spot term decreased by 7 USD, to 1,999 USD/ton and the November delivery term decreased by 5 USD, to 2,001 USD/ton, slight decreases. Trading volume very below average. Robusta prices fell to 10-month lows.
Meanwhile, floor ICE US – New York US National Day holiday, closed all day, no transactions.
The price of green coffee beans in the Central Highlands provinces decreased by another 100 dong, to range from 39,400 to 40,000 dong/kg.
The Reais rate continued to decline, down to 1 USD = 5,3450 $R. Continue to support Brazilians to promote the sale of new crop Conilon Robusta, despite the downward pressure on coffee futures prices. The latest is the USDA estimate of a global oversupply of nearly 8 million bags in the new coffee year 2022/2023.
However, according to consultants Safras & Mercados, the indisputable fact that ICE inventories are falling to more than two-decade lows is supporting coffee prices in the short term. In addition, the erratic sentiment in the international financial markets, especially before the upcoming rate hikes of the central banks, while Brazil is harvesting crops and the weather is winter.
English (giacaphe.com)
