Coffee prices continued to rise hotly in both markets thanks to supportive fundamentals and speculators’ optimism about the ability of major central banks to prevent inflation…
Robusta London chart September 2022, week 32 (from August 8, 2022 to August 13, 2022)
For the whole week of 32, the London market had 5 consecutive gaining sessions. The price of Robusta coffee for September delivery increased all by $209, or 10.23 percent, to $2,252 per ton, and for November delivery increased by all of $219, or 10.72 percent, to $2,061 /ton, extremely strong increases. Trading volume above average.
Similarly, the New York market also had 5 consecutive gaining sessions. The price of Arabica coffee for September delivery increased by all 17.15 cents, or 8.19%, to 226.60 cents/lb and December delivery increased by all 16.00 cents, or 7.7%. 75%, to 222.40 cents/lb, very strong gains. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands market increased from 5,600 to 6,200 dong, to range from 48,300 to 48,800 dong/kg (price is subject to change).
The highlight of the week is the report of the US consumer price index (CPI) at 8.5% in July, down from 9.1% in the previous month, showing that the anti-inflation results have been positive. , which has led markets to increase bets on the possibility of the Fed raising its key rate by only 0.5% at its upcoming meeting in September, has supported risk assets such as emerging currencies and commodities. increase strength.
Coffee prices continued to increase in a row, London Robusta floor had 13 gaining sessions interspersed with 2 very slight downward corrections, which is rare.
Contributing to the rare increase is the report that Arabica coffee stocks managed by ICE have fallen to a 23-year low, while export traders in Vietnam have had to scavenge goods from the people or buy back from friends. With a higher price, goods can be delivered for new contracts to avoid “rubbish”.
Rumors have surfaced in the market that Brazilian coffee farmers have voiced their opinion that this year’s crop production has not met expectations despite being a year of cyclically high production. “two years one”.
Agricultural Product Supply and Forecasting Agency Ministry of Agriculture of Brazil (Conab) will conduct the third crop survey from this week to the end of August 20 and is expected to announce the survey results on September 20.
Vietnam Customs July coffee export report reached 113,852 tons (soy sauce equivalent to 1,897,533 bags) down 17.14% from the previous month and down 6.78% over the same period last year.
It seems that the Funds and speculators still want to buy strongly even though the September options expiration is near and especially the technical indicators show that the markets have entered the zone. “overbought”.
As of Monday, August 8, the inventory of Robusta coffee certified and tracked by the London floor has decreased by another 2,400 tons, or 2.34% from a week earlier, to record inventories at the level. 100,090 tons (equivalent to 1,669,167 bags, 60 kg bags).
English (giacaphe.com)
