Speculation on the London floor continues to price-fix goods due to concerns about rising shipping costs, pushing Robusta coffee futures prices to continue their upward trend…
At the end of the trading session, Robusta coffee prices on ICE Europe – London extended their upward momentum to the fourth session. The March delivery term increased by 47 USD, to 2,932 USD/ton and the May delivery term increased by 40 USD, to 2,830 USD/ton, quite strong increases. Trading volume is quite above average.
Similarly, the price of Arabica coffee on the ICE US – New York floor has the same increasing trend. March delivery futures increased by 2.70 cents, to 184.10 cents/lb and May delivery futures increased by 2.40 cents, to 182.05 cents/lb, very significant increases. Trading volume is quite above average.
The price of green coffee in the Central Highlands provinces increased by 600 – 700 VND, fluctuating in the range of 69,700 – 70,300 VND/kg. Fresh coffee prices trade around 15,500 VND/kg.
Robusta coffee futures prices continue their upward trend when the weather forecast in Brazil’s Conilon Robusta coffee growing states is still dry, forecasting that this year’s crop output in Esprito Santo state may decrease by up to 30%. said the state’s largest coffee cooperative.
Arbica coffee futures prices returned to an upward trend thanks to support from Robusta after Somar Met. Rainfall reported last week in Minas Gerais was only 60% of the historical average.
Concerns that Asian supply will continue to support the upward trend as farmers of the leading Robusta producer are still outside the market, while the Vietnam General Statistics Office estimates that coffee exports in December will only reach about 190 thousand tons, 3.56% lower than the same period last year. Indonesian coffee still maintains a high premium, but it is also difficult to buy because the supply is no longer abundant. In addition, due to concerns about rising shipping costs, London stock exchange traders hastily placed prices on goods, continuing to push up Robusta futures prices.
Concerns about interest rates helped DXY increase by 0.79%, bringing the Reais exchange rate to R$ 4.9066, contributing to interrupting the consecutive decline in Arabica coffee prices.
English (giacaphe.com)
