Coffee Prices, Futures and Currency close levels:
|
|
Monday |
Tuesday |
Wednesday |
Thursday |
Friday |
|
NY Jul-13 c/lb |
143.10 |
137.55 |
138.40 |
137.40 |
133.95 |
|
Lon Jul-13 $/t |
2082 |
2011 |
1991 |
1984 |
1961 |
|
£/$ |
1.5267 |
1.5254 |
1.5259 |
1.5434 |
1.5479 |
Futures Markets:
Arabica: Every time the market acted like it had every intension of building itself, it gave the impression that its foundation was made out of sand. Producers and Speculators had a Friday sell off of which July was most active falling 345.
Robusta: London was under pressure throughout the week. The board will need to produce something quite dramatic to change the negative pattern as prices search lower.
Currency: The US$ fell against most currencies towards the end of the week as a result of numbers suggesting that the US economy was growing at a slower rate than expected.
Physical Markets:
Brazil: Weaker qualities were easier to trade this week due to the low market. There are expectations that the government will raise the minimum coffee price at a monetary policy meeting next Monday – a move which could signal imminent state intervention to prop up prices.
India: The fall in the market has virtually brought any sales to an abrupt stand still as farmers are unwilling to sell at reduced prices.
Mexico: Current harvest is expected to shrink 10% compared with the previous crop, in part because of the spread of Roya, a top official with the agriculture ministry mentioned last Tuesday.
Ethiopia: The ECX needs a big correction to attract more buyers. Half of Addis Ababa is without power, water and internet.
Kenya: At Tuesdays auction prices for FAQ and better qualities came off, meaning that there is more coffee than was expected for this time in the season. Rains continue heavily and don’t seem like they are stopping for a while.
Uganda: Exports are seen to be rising sharply in April to 270,000 bags from 141,200 during the same period last year, boosted by strong rainfall in key growing areas, the Uganda Coffee Development Authority’s said on Thursday.
Indonesia: Sumatra are likely to delay shipments of up to 3,000 tonnes of beans in April after erratic weather cut into supply at the season’s peak
PNG: The internal market is becoming more active with better arrivals. More interest from outside buyers with diffs strengthening as a result. Exporters are reluctant to enter into long distance positions optimism remains that the market will rise.
