Market Reports Blog / Market Reports / Weekly Market Report 6th May to 10th May 2013

Weekly Market Report 6th May to 10th May 2013

 

 

Coffee Prices, Futures and Currency close levels:

 

Monday

Tuesday

Wednesday

Thursday

Friday

NY Jul-13 c/lb

141.90

142.70

142.70

147.90

144.45

Lon Jul-13 $/t

CLOSED

2010

2006

2043

2031

£/$

      1.5534

1.5486

1.5486

1.5490

1.5345

*London was closed on Monday due to bank holiday Monday*

 

Futures Markets:

 

Arabica: An impressive upside week in New York with the board rallying around 2.50%. Brazil provided the driving force for the action as talk of weather and a change in the minimum price became an excuse for short covering operations.

  

Robusta: London tested the waters around the 2080 mark in July, encouraging managed money buying above the 2050 level. Having made good progress throughout the week, the market simply ran out of friends and slipped into reverse. From there on buyers were hard to come by and finished the week a lot less positive than 24 hours previous.

 

Currency:  The Euro fell to its weakest level in over a month after industrial production in Italy fell by more than expected in March adding to on-going concerns over the health of the Eurozone.

 

 

Physical Markets:

 

Brazil: Exports jumped 37% in April compared with the same month a year ago rising 1.75 million bags, Cecafe said on Wednesday. Brazil are just a few weeks away from harvesting its 2013/2014 crop, but the start date is yet to be clear as we have begun the start of the “frost season”.

Colombia: Commodity exports shrank 20% by value in March and 9.5% in the first three months of the year, a significant drop that the government on Wednesday stated that this was partly as a result of the lower market prices.

Kenya: The top price of AA grades rose by a further $10 a bag. The quality of coffee is lower as the main crop season draws closer to the end.  The second, smaller crop tends to be harvest from May-June, all dependants on weather.

Uganda: Exports rose 76% in the year to April, boosted by better wealth in key coffee growing regions, a source at the state-run Uganda Development Authority (UCDA).

Honduras: Exports from Honduras fell 13.14% in April compared with the same month last year to 598,328 60kg bags, the country’s national coffee institute Ihcafe said last Monday.

 

ICO: Coffee output forecast has marginally increased to 144.7 million 60-kg bags, the organization’s month report showed on Tuesday, this number is up 6.9% from the previous year.