World coffee futures prices weakened again when most speculators were still standing outside the market waiting for more specific US election results.
Robusta London T1 / 2021 chart session on November 2, 2020
Ending the first session of the week was also the beginning of the month, Robusta coffee prices on ICE Europe – London reversed and decreased. January spot futures fell 9 USD, down to 1,342 USD / ton and futures for March delivery dropped 8 USD, down to 1,351 USD / ton, the significant decreases. Trading volume remained very low below average.
Meanwhile, Arabica coffee prices on ICE US – New York floor fell for the fourth consecutive session. Futures for December delivery decreased 1.6 cents, down 102.8 cents / lb and futures for March delivery fell 1.5 cents, to 105.35 cents / lb, the declines very significantly. Trading volume remained quite high above average.
The price of coffee beans in the Central Highlands provinces decreased by 100-200 VND, down fluctuating in the frame of 32,300 – 32,800 VND / kg.
Export Robusta coffee price grade 2, 5% broken black, stood at 1,471 USD / ton, FOB – HCM, with a difference plus 100 – 120 USD / ton in term of March in London.
Reais copper fell slightly 0.12%, to $ 1 = 5.7420 Reais as the foreign exchange market corrected due to concerns about rising public debt in Brazil, while the negative impact of the covid pandemic-19 times two up the global economy is increasing day by day. Besides, there is also the waiting for the results of the US presidential election today on November 3 and the expectation that the market trend will be clearer.
The price of coffee on two floors decreased due to speculation, liquidation, short-term profit-taking and transferring capital to other commodity markets with higher profitability.
The General Statistics Office of Vietnam estimated that coffee exports in October reached approximately 1,500,000 bags, an increase of 1% year-on-year, bringing coffee exports in the first 10 months of this year to a total of 23,333,333 bags, down 1.3% compared to exports in the first 10 months of 2019.
The Indonesian Trade Authority reported Robusta coffee exports in October reached 272,427 bags, down 39.06% year-on-year, bringing coffee exports in the first 10 months of this year to a total of 2,234,653 bags, down 11.65% compared to exports in the first 10 months of 2019.
. English (giacaphe.com)
