The victory of the British election reveals the possibility Brexit is not favorable on schedule stimulated investors to return to London market to support price increases.
Robusta London T1 / 2021 chart session on 11/26/2020
Kend of the session “Solo”, Robusta coffee prices on the ICE Europe – London floor suddenly accelerated. January spot futures increased by 43 USD, to 1,409 USD / ton and futures for March delivery increased by 35 USD, to 1,411 USD / ton, the very strong increases. Trading volume is at medium level.
Meanwhile, New York Market is off American Thanksgiving, no open the door.
The price of coffee beans in the Central Highlands provinces increased from 500 to 600 VND, up fluctuating in the frame of 32,900 – 33,300 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,481 USD / ton, FOB – HCM, with the difference plus 50-70 USD / ton in term of March in London.
Reais copper fell 0.31%, to stand at $ 1 = 5.3370 Reais due to the expectation that a new funding package will soon be considered by the US Congress to help the forex market regain the strength of the USD in the basket of money. bad bad.
London coffee prices increased sharply when the New York market closed without transaction was predicted by the market due to the lack of linkage between the two exchanges. But the very strong increase surprised investors, so the rush to increase buying has driven up prices, despite the global demand for coffee. “Many bitter flavors” This has been confirmed by the market during the Covid-19 pandemic season.
According to observers, the immediate impact perhaps from the UK Prime Minister’s successful election results will boost the likelihood of Brexit not deal on schedule. Besides, there are market reports showing that the supply of old season Robusta from the leading producer has been exhausted, while the supply of the new crop is slowed because the storm that lasted throughout October and early November caused farmers to cannot harvest the crop.
Note: On Friday (Black Friday), the New York market may be open for only half a session for people to shop as usual.
English (giacaphe.com)
