The expectation that the USD 1.9 trillion funding package was soon approved by the US Congress made USDX rebound in the strong currency basket, causing the general purchasing power to falter due to the expensive price compared to the money. Emerging bad …
Ending the first session of the week, Robusta coffee prices on the ICE Europe – London floor continued the downward trend. May spot futures dropped another 8 USD, down to 1,465 USD / ton and July futures dropped by 7 USD, to 1,483 USD / ton, the slight decrease. Trading volume above average.
Similarly, Arabica coffee prices on the ICE US – New York floor also continued a downward trend. May spot futures fell 1.7 cents, down 135.8 cents / lb and July futures dropped 1.55 cents, to 137.75 cents / lb, the decline is very significant. Trading volume very high above mGermany medium.
The price of coffee beans in the Central Highlands provinces decreased by 100-200 VND, down fluctuating in the frame of 33,000 – 33,400 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,543 USD / ton, FOB – HCM, with a plus difference at 50-60 USD / ton in term of July in London.
Reais copper rose slightly by 0.03%, to $ 1 = 5,6000 Reais due to volatility of domestic investors about the possibility that the Government would raise taxes to finance social security. Meanwhile, USDX slightly increased amid a recovering global assets, with the focus on optimism about the $ 1.9 trillion funding package waiting for the US Senate’s approval, supporting the currencies. emerging.
The price of two-floor coffee continued to weaken due to the strong increase before, when more Rabobank predicted that Brazil’s crop output this year decreased by at least 20%, causing speculation to overbought.
According to the January 2021 Trade Report of the International Coffee Organization (ICO), global coffee exports in the first four months of the current coffee year 2020/2021 total 41, 88 million bags, up 3.7% over the same period in the previous crop year. This has contributed to alleviate concerns about short-term supply shortages, when Brazil comes to harvest a new Robusta crop in mid-April and a new Arabica crop around early July.
The General Statistics Office of Vietnam also estimated that coffee exports in February decreased by 41% over the same period last year. However, because the domestic market has been operating for a few days, the drop of exports this month is inevitable. Expectations in March to export coffee to consumer markets will increase again.