Update Coffee Price Today Dec 6th, 2022

UPDATE COFFEE PRICE TODAY DEC 6TH, 2022

Ending the latest trading session, the price of Robusta coffee in London delivered in January 2023 increased by 11 USD/ton at 1,899 USD/ton, delivered in March 2023 increased by 10 USD/ton at 1,856 USD/ton. Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in January 2023 remained at 162.6 cents/lb, delivered in May 2023 increased by 0.05 cents/lb, at 163.25 cents/lb.

Coffee prices earlier this week showed a positive face, in the context of gold and crude oil decline. This week's coffee price is expected to still struggle to wait for the final meeting of the US Federal Reserve in 2022.

The highlight of last week was the US's third quarter Gross Domestic Product (GDP) report, which was quite optimistic with an increase of 2.9%, but the inflation rate was still high, so the possibility of the Fed continuing to raise interest rates at the meeting year-end meeting, in order to control inflation is inevitable. This has pushed funds and speculators back into the buying market that has supported the price increase.

The Commitment of Traders (CFTC) report shows that financial funds have turned to a net long position in the past week, although the net selling volume in their hands is still high due to the demand to buy at the top of the new crop. The market is also looking forward to the report of the first crop survey of Conab - Brazil.

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