The Brazilian weather forecast is about to have favorable rain, prompting New York funds and speculation to continue liquidating their net positions…
At the end of the trading session, Robusta coffee prices on ICE Europe – London continued to increase. The March delivery term increased by 44 USD, to 3,251 USD/ton and the May delivery term increased by 36 USD, to 3,085 USD/ton, very significant increases. Trading volume is quite above average.
On the contrary, the price of Arabica coffee on the ICE US – New York floor continued its downward trend. March delivery futures decreased by 2.50 cents, to 186.95 cents/lb and May delivery futures also decreased by 2.50 cents, to 183.70 cents/lb, the decreases are also very significant. Trading volume remains well above average.
The price of green coffee in the Central Highlands provinces increased by 800 – 1,000 VND, fluctuating in the range of 74,900 – 75,500 VND/kg.
The Robusta coffee market continues to increase because the Asia-Europe maritime route through the Suez Canal is still blocked in the Red Sea, causing most container ships to change direction to go around the Cape of Good Hope in South Africa with a long route. Unfortunately, it costs more time and transportation costs continue to rise with no end in sight.
Meanwhile, Arabica coffee prices in New York dropped for the second session after forecasts that southern Brazil was about to have significant rainfall, causing funds and speculation to step up the liquidation of net positions currently held as prices. continue to weaken.
With economic index reports showing growth in the US, any fears of a recession could be quelled. Analysts therefore believe that could further cool hopes of a cut in March causing DXY and US stocks to continue their gains as there is some excitement over the economic results being released.
Yesterday, the European Central Bank (ECB) announced its decision to keep the basic interest rate unchanged after its monetary policy meeting. The main Euro interest rate is currently at 4.0 – 4.50%/year, which has supported Robusta coffee prices to recover due to the previous negative influence from New York.
English (giacaphe.com)
