The official US economic report on recession has raised concerns that the Fed will be strong in monetary management at the upcoming meeting…
Robusta London chart September 2022, week 30 (from July 25, 2022 to July 30, 2022)
For the whole week of 30, the London market had 5 consecutive gaining sessions. The price of Robusta coffee for September delivery increased by all of 68 USD, or 3.47%, to 2,030 USD/ton and for November delivery also increased by all 68 USD, or 3.47%, to 2,028 USD/ton, strong increases. Trading volume below average.
On the contrary, the New York market had 3 increasing sessions and 2 decreasing sessions. The price of Arabica coffee for September delivery increased all 10.50 cents, or 5.08%, to 217.20 cents/lb and December delivery increased by all 11.15 cents, or 5. 50%, to 213.80 cents/lb, strong gains. Trading volume quite above average.
The price of green coffee beans in the Central Highlands market increased by 1,300 – 1,400 VND, to fluctuate in the range of 40,500 – 41,100 VND/kg.
Highlights of the week are US Federal Reserve (Fed) raised the USD base rate by 0.75%, but did not raise 1% as strongly as the market had speculated. The US economic report dropped in the second quarter, the US economy officially entered a recession after falling for 2 consecutive quarters, causing USDX to reverse a sharp decline, supporting emerging currencies to regain value and that’s it. raised concerns that the Fed will be strong in monetary management at the upcoming September meeting. Besides, there is also the active response of central banks in adjusting monetary interest rates to balance the world money market.
For the first time, the euro rate is equal to green silver coin supported commodity prices in the European Union, while the bloc’s economic report grew 0.7% in the second quarter despite the still fierce Eastern European war and lingering intra-regional instability. .
Coffee futures prices continued to rally in the past week as there are still supportive fundamentals in the short and medium term, notably ICE inventories still standing at 23-year lows and Brazil’s crop harvest. delayed due to work “good season” cyclical “two years one” of Arabica coffee in this country.
As of Monday, July 25, inventories of Robusta coffee certified and tracked by the London floor have decreased by 160 tons, or 0.15 compared to a week earlier, to record inventories at 107,460 tons. (equivalent to 1,791,000 bags, 60 kg bags).
English (giacaphe.com)
