The coffee futures markets reversed to plunge after the day “Super Wednesday”…
Robusta chart London July 2021 session on June 17, 2021
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to decline. Futures for spot delivery in July decreased by 31 USD, to 1,669 USD/ton and for September delivery also decreased by 31 USD, to 1,598 USD/ton, significant reductions. Trading volume quite above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has a downward trend. July spot futures fell 3.80 cents to 149.55 cents/lb and September futures fell 3.85 cents to 151.60 cents/lb, sharp declines. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands provinces decreased by 500-600 dong, to range from 33,500 to 34,200 dong/kg.
The price of exported 2.5% black Robusta coffee stood at $1,598/ton, FOB – HCM, according to September futures prices in London.
The Reais rose 0.71%, the exchange rate rose to 1 USD = 5,0240 Reais after the news that the Fed would raise the basic interest rate in USD ahead of schedule due to excessive inflation pushed USDX up, while the Committee The Monetary Policy Committee (Copom) of Brazil decided to raise the basic interest rate of the Reais for the third time in a row by 0.75% to 4.25%/year and promises to increase further. Most commodity markets turned red after the day’s policy sessions “Super Wednesday”.
The two futures exchanges are no exception, combined with the liquidation of speculation when the July contracts entered the final stage, they have both plunged in the impact of the currency in general.
According to observers, coffee prices will remain volatile until the markets enter the first delivery announcement day (FND).
English (giacaphe.com)
