July Arabica coffee traded on Friday at the end of the week closed up 0.75 cents/pound and Robusta coffee closed up at $4,080/ton, up $18.
While coffee prices rose moderately on Friday, they were still well below Thursday’s significant highs. A weakening dollar over the weekend spurred buying activity in the two markets.
Robusta supply has not improved at all until new crops arrive on the market from Brazil and Indonesia from this June, however, there have been large liquidation activities of long positions during the past time when market prices Rising world prices could also cause coffee prices to revisit current highs next week.
The effects of hot, dry climate are still considered very harsh for coffee trees in growing areas of Vietnam today. Although some areas have had rain, it seems it is too late to save them. Save young fruit for the next season.
Vietnam’s domestic coffee prices seem to have their own way of operating based on the actual supply and demand situation in the country. Yesterday, prices on the Central Highlands market increased significantly, although prices on the international floor only increased slightly.
Inventories of certified graded Arabica coffee on the New York Exchange continue to increase daily, climbing to levels roughly the same as last year and up from a more than 20-year low recorded earlier in the year. . Daily registrations to the exchange could be interpreted as a bearish factor for the market, indicating an improvement in the flow of Arabica coffee to the consumer market.
To be exact, Arabica coffee inventories are said to have increased by 4,254 bags on Thursday, reaching an inventory level of 635,110 bags.
Today, Sunday, April 21, 2024 is Tiradentes holiday in Brazil, this is the day that Brazilians often celebrate to commemorate Joaquim José da Silva Xavier, a dentist, poet and politician, who played a important in Brazil’s independence movement from Portuguese rule.
It is expected that commemorative activities such as parades, festivals, and fun Tiradentes Day will be held in Brazil until Monday and that will leave the market without the participation of traders from Brazilian side on Monday early next week.
Kinh Vu (giacaphe.com)
