ICE inventory reports continue to decline, while producer Brazil’s National Holiday that could last into the weekend has supported the bullish market…
At the end of the weekend trading session, Robusta coffee prices on ICE Europe – London continued to increase. November delivery futures increased by 28 USD, to 2,388 USD/ton and January delivery futures increased by 29 USD, to 2,284 USD/ton, very significant increases. Trading volume is quite above average.
Similarly, the price of Arabica coffee on the ICE US – New York floor increased for the sixth session. December delivery futures increased by 5.60 cents, to 154.90 cents/lb and March 2024 delivery futures increased by 5.15 cents, to 155.15 cents/lb, very strong increases. Trading volume increased well above average.
The price of green coffee in the Central Highlands provinces increased by 300 – 400 VND, fluctuating in the range of 63,500 – 64,100 VND/kg.
Speculation that the Fed will not hesitate to increase the base interest rate further in the near future due to US inflation still being higher than the target level and concerns about the escalation of the Israel-Hamas war causing oil prices to skyrocket, while the data reports that the US economy has not yet shown solid growth, funds and speculation continue to place prices on commodities in general.
Coffee futures prices pushed up on both exchanges due to support from the report that ICE-managed inventories continued to decline sharply and the leading producer had a National Day holiday that lasted until the weekend as supply. decline.
English (giacaphe.com)
