Weakening USDX stimulated speculation back to markets to increase buying, but the increase still showed caution in the face of pressure to harvest new crops in many producing countries …
Robusta London T1 / 2021 chart session on December 3, 2020
KAt the end of the session, Robusta coffee prices on ICE Europe – London adjusted to increase. Futures for delivery in January increased 3 USD, to 1,346 USD / ton and futures for delivery in March increased 7 USD, to 1,371 USD / ton, the slight increase. Trading volume is quite high above average.
Similarly, Arabica coffee prices on the ICE US – New York floor continued to rise. Futures for March delivery increased 0.95 cents, to 120.05 cents / lb and May futures increased 0.9 cents, to 121.8 cents / lb, the significant increases. Trading volume below average.
The price of coffee beans in the Central Highlands provinces increased from 0 to 100 VND, up fluctuating in the frame of 32,100 – 32,500 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,451 USD / ton, FOB – HCM, with a difference plus 60-80 USD / ton in term of March in London.
Reais copper surged 1.94%, to stand at $ 1 = 5,1390 Reais due to optimism from foreign exchange inflows and the Brazilian economy escaped technical recession in the third quarter of this year, though There are still doubts about the “not really sure” recovery.
Meanwhile, the US stock market showed excitement at the possibility of soon resuming the negotiation on the funding package which was interrupted before the presidential election.
Coffee prices recovered slightly on both exchanges because the market continued to be optimistic about the production of vaccines against covid-19, especially the decline in USDX stimulated speculation back to the market to increase buying.
However, the increase was not as expected due to the pressure of many producers to harvest new crops, while the report of inventories in both exchanges continued to increase.
English (giacaphe.com)
