Two-floor coffee prices continued to decline, but the London floor is still cautious with low liquidation volume …
Robusta London T7 / 2021 chart session on 10/05/2021
Ending the first session of the week, Robusta coffee prices on ICE Europe – London continued to decline. July spot futures dropped by 21 USD, down to 1,518 USD / ton and futures for September delivery dropped by 19 USD, to 1,542 USD / ton, the decline is very significant. Trading volume in average.
Similarly, Arabica coffee prices on the ICE US – New York floor followed a downtrend. July futures fell 4.85 cents, down 148.05 cents / lb and September futures dropped by 4.8 cents, to 150 cents / lb, the decline was very strong. Trading volume maintained very high above mGermany medium.
The price of green coffee in the Central Highlands provinces decreased by 300-400 VND, down fluctuating in the frame of 33,900 – 34,300 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,562 USD / ton, FOB – HCM, with the difference plus at 20 USD / ton in term of September in London.
Reais copper fell slightly by 0.07%, the exchange rate dropped to 1 USD = 5.2320 Reais due to capital flow between commodity floors when gasoline and steel prices rose sharply, a sign of economic recovery, in when US stocks and USDX continued to decline against emerging currencies.
Coffee prices continued to decline after a hot rise not out of speculation of the market because speculators cautiously adjusted their positions when they were “Too buy”.
The General Statistics Office of Vietnam estimated that coffee exports in April only reached 1.83 million bags, down 34.20% from the same period last year, bringing exports in the first 4 months of this year to a total of 9, 38 million bags, down 17.60% over the same period.
Meanwhile, Indonesian government trade data shows that April coffee exports were only 193,460 bags, down 29.61% year-on-year, bringing first seven months of coffee exports to exports. 2020/2021 reaches a total of 1.44 million bags, down 25.83% over the same period.
The report of a sharp drop in exports by the world’s first and third largest Robusta producers will have an impact on the global coffee market, at least until the end of the second quarter of this year, when Conilon Robusta is in its new season. The world’s second-largest producer begins to enter the market.
English (giacaphe.com)
