Two coffee futures exchanges have recovered consecutively after a strong increase in DXY pushed back commodity prices from a deep decline and rainy weather in Brazil supported coffee trees for a new cotton crop…
For the whole week 41, the London market had 1 session of deep decline at the beginning of the week and 4 consecutive recovery sessions afterward. Robusta coffee futures for delivery in November increased by a total of 29 USD, or an increase of 1.23%, to 2,388 USD/ton, and futures for delivery in January 2024 increased by a total of 4 USD, or an increase of 0.18%, to 2,284. USD/ton, slight increases. Trading volume is quite above average.
Meanwhile, the New York market had 5 consecutive increasing sessions. Arabica coffee futures for delivery in December increased by a total of 8.85 cents, or 6.06%, to 154.90 cents/lb and futures for delivery in March 2024 increased by 7.95 cents, or an increase of 5.40 cents. %, to 155.15 cents/lb, very strong increases. Trading volume remains quite high above average.
The price of green coffee in the Central Highlands market decreased slightly by 100 – 200 VND, down to fluctuating in the range of 63,500 – 64,100 VND/kg.
The Reais – Brazilian currency recovered slightly, bringing the exchange rate to 1 USD = 5.0880 R$, supporting coffee prices in the Brazilian domestic market to increase steadily throughout local commercial centers, while this market Reduced sales due to the long National Holiday weekend. In addition, increased risk concerns about the potential for global trade tensions due to the war between Hamas and Israel will increase oil prices and further increase interest rates.
The highlight of the week is the September coffee export report of the General Department of Vietnam Customs. Preliminary data shows that during the month, exports decreased by 39.79% compared to the previous month. Therefore, exports for the entire 2022/2023 coffee crop year have decreased by 4.45% compared to the previous 2021/2022 crop year.
Robusta coffee inventories issued by the London Exchange Certified and monitored, as of Friday, October 13, have decreased by 2,360 tons, or 5.62% compared to a week earlier, down to registration at 39,670 tons ( about 661,167 bags, 60 kg bags), the lowest level in two months, continues to contribute to supporting London coffee futures prices from falling deeply.
Anh Van (giacaphe.com)
