There are still many speculations that Brazil’s coffee output this year is not as expected due to the dry spells and frosts in the winter last year…
Robusta chart London 11/2022 session on September 5, 2022
Ending the trading session alone at the beginning of the week, the price of Robusta coffee on the ICE Europe – London floor continued the decline in the seventh session. The November spot term decreased by 6 USD, to 2,217 USD/ton and the delivery term in January 2023 also decreased by 6 USD, to 2,209 USD/ton, slight decreases. Trading volume remain very low below average.
Meanwhile, the price of Arabica coffee on the ICE US floor – New York No change due to Labor Day holiday.closed all day no trading.
The price of green coffee beans in the Central Highlands provinces decreased by 0-100 dong, down to the range of 47,400-47,900 dong/kg.
OPEC+ members and their allies have decided to reduce oil production by 100,000 bpd from October 2022. Gold prices and crude oil prices reversed to increase according to USDX, putting coffee prices at a disadvantage, despite the fact that inventories on both exchanges were still low. The Reais rose 0.65% to $1 = R$5,1530.
The world is still experiencing the covid pandemic, including the very worrisome shutdown in China, and the severity of the global recession, which is slowing economic growth, which affects demand for items such as coffee. According to Safras & Mercados, the main factor supporting coffee prices at the moment is the perception of this year’s crop in Brazil, which is 3.3 million bags lower than the initial estimate of 61.1 million bags.
ANhan Van (giacaphe.com)
