Optimism covered the markets when Moderna announced the covid-19 vaccine was more than 90% effective and the economy of the leading Asian countries recovered strongly.
Robusta London T1 / 2021 chart session on 11/16/2020
KEnding the first session of the week, Robusta coffee prices on ICE Europe – London reversed sharply. January spot futures increased by 30 USD, to 1,440 USD / ton and for March delivery also increased by 30 USD, to 1,449 USD / ton, the increase is quite strong. Trading volume maintained above average.
Similarly, Arabica coffee prices on the ICE US – New York floor also reversed and increased. Futures for immediate delivery in December increased 6.4 cents, to 115.65 cents / lb and for March futures rose 6.55 cents, to 118.75 cents / lb, the very strong and rare increases. Trading volume increased very high above average.
The price of coffee beans in the Central Highlands provinces increased by 400-500 VND, up fluctuating in the frame of 34,200 – 34,700 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,569 USD / ton, FOB – HCM, with the difference plus 100 – 120 USD / ton according to the term price in March in London.
Reais copper rose slightly 0.69%, to a standstill at $ 1 = 5,4360 Reais after the general optimism of the forex market when news of a highly effective vaccine with covid-19 spurred pushes speculation back into the markets.
Coffee prices rebounded on both exchanges due to more information that in Central America, producers accounting for more than 70% of wet processed Arabica coffee traded on the New York Stock Exchange, will suffer a storm. Iota, a Category 5 hurricane, made landfall last night, while the severe aftermath of Hurricane Eta is still there. Rain and strong winds will cause the ripe fruit to fall due to not being harvested.
There are still concerns that drought in Brazil will reduce next crop yields and too much rain in Vietnam is hindering the harvest of the new Robusta crop.
English (giacaphe.com)
