Update Coffee Market Price Today on Oct 9th, 2023

UPDATE COFFEE MARKET PRICE TODAY on October 9th, 2023 

At the end of last week's trading session, the price of Robusta coffee in London for delivery in November 2023 decreased by 19 USD/ton, at 2,359 USD/ton, for delivery in January 2024, it decreased by 22 USD/ton, at 2,280 USD/ton.

On the New York floor, the price of Arabica coffee delivered in December 2023 increased by 0.65 cents/lb, at 146.05 cents/lb, for delivery in March 2024 increased by 0.8 cents/lb, at 147.2 cents. /lb.

Summarizing last week, the London exchange had 5 consecutive losing sessions. The price of Robusta coffee for delivery in November decreased by a total of 103 USD (4.18%), and the price for delivery in January 2024 decreased by 89 USD, very sharp drops. Trading volume is very high above average. The New York Stock Exchange had 3 decreasing sessions in the middle of the week and 2 increasing sessions at the beginning and end of the week. Arabica coffee futures for December delivery decreased by a total of 0.10 cents (0.07%), and futures for January 2024 delivery remained unchanged, still standing at 147.20 cents/lb, slightly decreasing levels. . Trading volume remains quite high above average. Last week, the DXY index increased sharply by 2.68%, pushing commodity and stock prices into negative territory. Meanwhile, the weather forecast in the main coffee region in southern Brazil will have favorable rain, causing coffee futures prices to fall sharply. Robusta coffee inventories, certified and monitored by the London exchange, as of Friday, October 6, decreased by 750 tons (1.75%) compared to a week earlier. However, Robusta prices still dropped sharply during the week.

Analysts say that inventory on the floor is often used by "paper goods" speculators as a means of creating prices. Therefore, for a long time, standard inventory on the floor is no longer a solid basis to help predict the direction of the market.

The basis for temporary price prediction that is considered effective is the business position of the two exchanges. Accordingly, the Arabica floor is currently selling quite a lot, so it will buy to compensate for the price increase this week. The possibility of Robusta's upward momentum is lower and depends largely on the strength of the USD

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