The ICE – London inventory report recorded a very significant addition, which contributed to supporting Robusta futures prices, ending a series of increases lasting the past two weeks…
At the end of the trading session, Robusta coffee prices on ICE Europe – London floor reversed and decreased. The January delivery term decreased by 33 USD, to 2,493 USD/ton and the March delivery term decreased by 19 USD, to 2,439 USD/ton, very significant decreases. Trading volume remains well above average.
In contrast, Arabica coffee prices on the ICE US – New York floor continued to increase for the sixth session. December delivery futures increased by 2.30 cents, to 168.15 cents/lb and March 2024 delivery futures increased by 2.15 cents, to 167.10 cents/lb, quite strong increases. Trading volume remains well above average.
The price of green coffee in the Central Highlands provinces decreased by 300 – 400 VND, fluctuating in the range of 60,200 – 61,000 VND/kg.
Despite the report that ICE inventories continued to decline, the Reais exchange rate increased by 0.46% to 1 USD = 4.9928 R$ combined with a better-than-expected US PMI index provided support. stock exchanges and raw material prices in general.
Coffee futures markets are keenly watching forecasts of rainy weather this weekend across the main Arabica growing regions in southeastern Brazil, with a tension between concerns of drought due to the El Nino weather phenomenon. It is forecast to appear at the end of this year and last until the first quarter of next year, which is the year when Brazilian Arabica coffee plants produce high yields according to the cycle. “two years one”.
According to data reported by the General Department of Vietnam Customs, coffee exports for the entire 2022/2023 crop year have reached a total of 1.66 million tons (about 27.64 million bags), down 4.45% compared to the 2022/2023 crop year. previous case. Domestic traders say there are many signs that crop stocks have been exhausted.
Yesterday’s ICE – London inventory report, Tuesday October 24, increased by 540 tons, an increase of 1.51% compared to the first day of the week, up to 36,300 tons (about 605,000 bags, 60 kg bags), contributed to adjusting futures prices on the London floor in the last session.
English (giacaphe.com)
