Update coffee prices on October 6, 2020 – Coffee prices today
The price of coffee in the world term is standing on an important border line, it is possible that the short-term trend will be revealed in today’s trading session.
Coffee prices on October 6 continued to decline
Ending the first session of the week, Robusta coffee prices on ICE Europe – London continued to decline. November spot futures dropped another 22 USD, down 1,268 USD / ton, January delivery term dropped 18 USD, to 1,293 USD / ton and March delivery term dropped by 17 USD, to 1,310 USD / ton. the reduction is very significant. Trading volume is above average.
Similarly, Arabica coffee prices on the ICE US – New York floor followed a downtrend. Futures for December delivery fell 1.75 cents, to 107.2 cents / lb and futures for March delivery fell 1.55 cents, to 109.4 cents / lb, the decline is very significant. Trading volume remained very high above average.
The price of coffee beans in the Central Highlands provinces decreased by 200-300 VND, down to fluctuate in the frame of 30,700 – 31,200 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,413 USD / ton, FOB – HCM, with the difference plus 100 – 120 USD / ton in term of January in London.
Reais copper increased strongly by 1.65%, to 1 USD = 5.5690 Reais after there was a consensus in the Brazilian government about a citizen income program that encouraged domestic investors. While US stocks rebounded due to optimism with the news that US President was discharged from the hospital back to the White House during the day.
Coffee futures price in the world is standing on an important border line, according to the technical analysis, it is possible that the short-term trend will manifest in today’s trading session. Contributing significantly is the expectation of a new funding package soon approved by the US Congress and USDX will regain strength in a strong currency basket.
According to a statistic, coffee exports from non-members of the International Coffee Organization (ICO) in the first 11 months of the 2019/2020 coffee season totaled 10.04 million bags (bags 60 kg), down 7.5% from the same period last crop.
Source: Anh Văn (giacaphe.com)
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