The US October CPI report brought general optimism, encouraging Funds and speculators to return to the markets to buy…
Robusta London chart January 2023 week 45 (from November 7, 2022 to November 12, 2022)
For the whole week 45, London market had 3 decreasing sessions and 2 gaining sessions. The price of Robusta coffee for January delivery fell all of 33 USD, or 1.77%, to 1,836 USD/ton and for March delivery fell all 25 USD, or 1.35%, to 1,825 USD. /ton, significant reductions. Trading volume on average.
Similarly, the New York market also had 3 decreasing sessions and 2 increasing sessions. The price of Arabica coffee for December delivery fell all of 5.65 cents, or 3.21%, to 170.10 cents/lb, and for March 2023 delivery fell all of 3.55 cents, ie. down 2.07%, to 168.10 cents/lb, very significant reductions. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands market decreased by 600-700 VND, to range from 40,500 to 41,100 VND/kg.
Highlights of the week are export reports from major manufacturers and exporters.
The General Department of Vietnam Customs reported that coffee exports, mainly Robusta, in October reached 1.33 million bags, down 13.74% from the previous month, bringing exports in the first 10 months of 2022 up 10.85% compared to the same period last year.
The Brazilian Association of Exporters (Cecafé) reported that the export of coffee beans in October was only 3.17 million bags, down 5.39% compared to the same period last year, of which Arabica coffee reached 3.06 million. bags, an increase of 3.29% and Conilon Robusta coffee only reached 110,675 bags, down 71.63% over the same period.
Coffee prices tended to recover at the end of the week after the US Consumer Price Index (CPI) report in October was very positive, promising the Fed would ease the tightening of monetary policy at the upcoming meeting. pushing funds and commodity speculation back into buying markets.
Information on the reopening of the Chinese market also contributed to triggering the price increase due to the expectation that commodity demand will increase.
Inventories of Robusta coffee, which are certified and monitored by the London floor, as of Monday 7/11 have increased by 350 tons, or 0.39% from a week earlier, to the registered level at 90,580 tons. (equivalent to 1,509,667 bags, 60 kg bags).
English (giacaphe.com)
