Ending the trading session before Easter, the price of Robusta coffee in London delivered in May 2023 decreased by 15 USD/ton at 2,299 USD/ton, delivered in July 2023 decreased by 18 USD/ton at 2,256 USD/ton.
Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in May 2023 increased by 3.45 cents/lb, at 183.6 cents/lb, delivered in July 2023 increased by 2.7 cents/lb, at 181 ,7 cents/lb.
Summarizing the week, the price of Robusta coffee for May delivery increased by 93 USD. Arabica coffee futures for May delivery increased by more than 13 cents.
Experts said that crude oil prices increased by more than 6% last week, along with the newly released US non-farm payrolls data will be the factors that help the dollar strengthen again.
Last week, the DXY index managed to maintain above 102. US jobs data released on April 7 showed that US Nonfarm Payrolls rose 236,000 in March. Meanwhile, the rate US unemployment fell from 3.6% in February to 3.5% in March.
A strong USD will be a factor affecting commodity prices in general and coffee in particular.
Regarding the movement of the coffee market this week, the expert recognized that the increase of Arabica is brighter than that of Robusta. The reason is that the New York Stock Exchange has not yet entered the overbought zone.
If the London floor struggles around the $2,233/ton mark in the first few sessions of the week, the uptrend will be solid. If speculators sell out at the beginning of the week, the market will fall below 2,200 USD/ton.
The pressure from supply from Vietnam continues to weigh on the Robusta market after the General Statistics Office estimated that coffee exports in March increased by 9.2%.
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