Coffee Prices, Futures and Currency close levels:
|
|
Monday |
Tuesday |
Wednesday |
Thursday |
Friday |
|
NY Jul-13 c/lb |
145.75 |
144.15 |
144.00 |
139.85 |
136.90 |
|
Lon Jul-13 $/t |
2051 |
2050 |
2050 |
2046 |
2037 |
|
£/$ |
1.5291 |
1.5314 |
1.5234 |
1.5299 |
1.5177 |
Futures Markets:
Arabica: Breaking the key support level of 140 for the July position accelerated downwards inching lower each day, unable to find comfort. Reasons for the drop in the market was caused by sell offs, the old phrase sell in May and go away has been in full effect, will the market rise back to the 140s…..who knows!
Robusta: The market held out well for the week, still focusing on the 2030 pivot but finishing $6 higher from what it started on. Trade associated selling provided the pressure with the origin influence shadowing the price action with levels adjusting to the weaker market.
Currency: US inflation fell for the second consecutive month in April, the first back-to-back monthly declines since late 2008. Recovery in the US job market recovery stuttered as the numbers filing new jobless claims climbed at the fastest pace in six months.
Physical Markets:
Brazil: New minimum price law has been agreed upon helping business pick up as farmers/producers are more likely to sell. Diffs were lowered enough to create to have both industry and trade covering positions. Weather remains cold in some spots but not to the level that some have been spreading.
Burundi: Coffee earnings rose 8.35 in the 2012/2013 crop year, although lower prices meant the growth in profits lagged a near doubling of sales compared to the previous season.
Kenya: Top prices of the AA grade dipped $27 a bag at auction this week, the Nairobi Coffee Exchange (NCE) said on Wednesday.
Uganda: Revised forecasts of 2012/2013 season have been increased to 3.2 million bags from a year ago on good weather and increase coffee acreage, the coffee development Authority stated last Monday.
Indonesia: Coffee output is likely to see a modest increase in the next crop year to September 2014, but strong domestic demand will boost consumption by nearly a third to more than four million bags (Reuters).
El Salvador: Exports rose 1.1% in April compared to the same month a year earlier, reaching 121,994bags in the month, the country’s national coffee council CSC reported.
ICO: The outbreak of coffee leaf rust in Central America is the worst seen since the disease first appeared in the region in 1976, a report published by the ICO said last Monday.
