The report estimates the output of the recently-harvested crop in Brazil has impacted the trend of coffee futures prices…
Robusta chart London T11/2021 session on September 22, 2021
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to decrease. The November spot term decreased by 18 USD, to 2,148 USD/ton and the delivery term in January 2022 decreased by 12 USD to 2,110 USD/ton, significant reductions. Trading volume remained very low below average.
On the contrary, the price of Arabica coffee on the ICE US floor – New York continued to increase. December spot futures added 1.50 cents to 184.85 cents/lb and March 2022 futures also added 1.50 cents to 187.65 cents/lb, slight gains. Trading volume below average.
The price of green coffee beans in the Central Highlands provinces decreased by 300-400 VND, to range from 40,800 to 41,400 VND/kg.
Price of export Robusta coffee grade 2.5% black broken, stood at 1,960 USD/ton, FOB – HCM, with a deduction of 130 – 150 USD/ton according to the January 2022 futures price in London.
The reais fell 0.32%, the exchange rate fell to 1 USD = 5.3030 Reais after the announcement of keeping the USD base rate unchanged and leaving open the possibility of economic stimulus cuts at the next meeting (in November). ) by the President of the Fed, while the market did not expect a surprise at the meeting of the Brazilian Monetary Policy Committee because President Copom suggested last week that this time the base rate should be raised by about 1%. .
Coffee prices on the two futures exchanges mixed after the report of the crop just finished harvesting of Conab Brasil. According to the report, Conab estimated Robusta production to increase by 4.5% from its previous estimate to a record 16.1 million bags, while Arabica production fell 8% to 30.7 million. bag. Traditionally, even though Conab’s estimate is considered to be between 6% and 10% lower than reality, this reported number still has some impact on the short-term price trend.
According to local traders in Vietnam, although London futures prices set a new four-year high, coffee farmers have not benefited as they have sold out. Currently, the amount of inventory in the country is mainly in the hands of enterprises with foreign capital (FDI).
English (giacaphe.com)
