COFFEE MARKET NEWS Week Ending: 24th July 2015
|
|
20th July |
21th July |
22th July |
23th July |
24th July |
|
NYC |
127.45 |
125.95 |
125.05 |
121.55 |
122.25 |
|
LIFFE |
1678 |
1664 |
1681 |
1661 |
1650 |
|
GBP / USD |
1.5572 |
1.5559 |
1.5593 |
1.5513 |
1.5510 |
Commentary
The 74 members of the International Coffee Organization (ICO) and 27 coffee associations from around world will join forces to celebrate the first official International Coffee Day on Oct. 1.
NYC continued its downward trend all the week. A lower low with a positive close could suggest a reversal sign in the trend. It is fair to say that it is obvious that we are in the summer holidays with many complaining about the dull activities.
It seems like LIFFE was following the NYC as most of the time.
GBP/USD level was quite steady all the week as it never closed below or above 1.55, also the volatility during the days was also not big. Unlike GBP/USD, GBP/EUR was ‘’following’’ coffee markets and the level decreased to 1.40 back from 1.43.
Origins
Brazil – 2015/16 coffee crop was 62 percent harvested by July 21, lagging the 68 percent harvested, on average, by that date over the past five years, local agricultural analysts Safras e Mercado said on Thursday. Safras expects this season’s harvest to result in an output of 50.4 million 60-kg bags.
Safras coffee specialist Gil Barabach said dry weather over the past week favoured harvesting in the heart of the coffee belt, but the harvest was still behind historical averages due to delays in the flowering period in September-November of 2014.
El Salvador – exports from El Salvador rose 20 percent in June from a year earlier as coffee plantations recovered from the tree-killing roya fungus, national coffee council CSC said on Wednesday. Shipments totalled 60,990 60-kg bags, compared with 50,841 in June 2014. Exports during the first nine months of the current 2014-15 harvesting season totalled 538,515 bags, up 17.8 percent from the same period during the 2013-14 seasons.
Kenya – The top price of Kenya’s benchmark grade AA coffee per 50-kg bag rose at this week’s auction compared with last week, the Nairobi Coffee Exchange (NCE) said on Tuesday.
Vietnam – Premiums on Vietnamese coffee to robusta futures rose this week as domestic prices fell to near a seven-week low, while buying demand weakened, traders said on Tuesday. Robusta futures were firm on Monday after buy orders were triggered and a one-minute surge lifted prices 3 percent, although gains were pared by the close.
