The London market ended the day with 93.88% of the earlier losses of the day intact, while the New York market ended the day with 87.04% of the earlier losses of the day intact. This somewhat unforeseen speculative liquidation activity within the New York market does little to inspire confidence and may contribute to a negative technical picture for the market with measured underlying industry support. There may be a degree of corrective buoyancy, with the Brazil Real starting the day firmer against the US Dollar, the coffee markets could be in for a steady start in early trade today, against the prices set yesterday, as follows:
LONDON ROBUSTA US$/MT NEW YORK ARABICA USc/Lb.
NOV 1387 46 DEC 123.05 9.40
JAN 1401 44 MAR 124.30 9.10
MAR 1416 42 MAY 125.40 8.95
MAY 1430 41 JUL 126.50 8.85
JUL 1443 41 SEP 127.40 8.85
SEP 1457 41 DEC 128.35 8.70
NOV 1471 40 MAR 129.30 8.55
JAN 1482 40 MAY 129.90 8.50
The Vietnam Customs Authority have reported that Vietnams coffee exports for the month of August are down by 8.9% from the previous month, to total 1,669,800 bags. This number proving to be slightly below the 1.83 million bags that had been initially forecast for the months coffee exports. The report also states that for the first eight months of 2020, Vietnam coffee exports are 2.1% lower than the same period last year at a total of 19,166,667 bags.
The November to December contract arbitrage between the London and New York markets narrowed yesterday; to register this at 60.14 usc/Lb. This equates to 48.87% price discount for the London Robusta coffee market.
The Certified washed Arabica coffee stocks held against the New York exchange were seen to increase by 70 bags yesterday to register these stocks at 1,117,471 bags, with 93.5% of these certified stocks being held in Europe at a total of 1,045,242 bags and the remaining 6.5% being held in the USA at a total of 72,229 bags. There is meanwhile a larger in number 1,830 bags decrease to the number of bags pending grading for this exchange; to register these pending grading stocks at 4,509 bags.
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