Lack of positive information in major producing countries has supported the bullish market trend…
At the end of the trading session, Robusta coffee prices on the ICE Europe – London exchange reversed to increase. January delivery futures increased by 52 USD, to 2,366 USD/ton and March delivery futures increased by 39 USD, to 2,329 USD/ton, quite good increases. Trading volume is above average.
Similarly, the price of Arabica coffee on the ICE US – New York floor has the same increasing trend. Futures for delivery in December increased by 7.90 cents, to 167 cents/lb and futures for delivery in March 2024 increased by 6.50 cents, to 164.80 cents/lb, very strong increases. Trading volume remains well above average.
The price of green coffee in the Central Highlands provinces increased by 900 – 1,000 VND, fluctuating in the range of 58,700 – 59,300 VND/kg.
Coffee futures markets continue to receive support from data reporting continuous declines in ICE inventories. Arabica inventories monitored by ICE on October 31 fell to the lowest level in a year. Meanwhile, Robusta inventories tracked by ICE stood at 39,530 tons on the same day, slightly higher than the record low recorded on August 31.
Vietnam has begun harvesting this year’s new Robusta crop and information about heavy rain causing disruption is being closely watched by the market. The latest report from the General Statistics Office of Vietnam shows that coffee exports in October were estimated at 60,000 tons, bringing exports in the first 10 months of the year to a total of 1.313 million tons, down 8.32% over the same period last year. Previously, it has contributed to supporting London coffee futures prices to recover significantly.
In October, DXY increased 0.28%, continuing to push commodities into a higher risk position, while waiting for the Fed meeting to take place with speculation that it will be tougher in operating policy. currency this period. As a side note, nonfarm payrolls will be released on Friday.
Information about shutdowns at Brazil’s main agricultural export ports also contributed to supporting the upward price trend.
English (giacaphe.com)
