(HSV VIETNAM GROUP) – December arabica coffee traded on the first day of the week closed up slightly, 0.25 cents/pound and November robusta coffee closed up $24 at $4,476/ton.
Although the two exchanges closed at a low level, they were still in the high frame after both exchanges showed signs of starting to leave the peak.
Discussions about the drought situation in Brazil causing coffee trees to flower early are still the main topic today when the market has no further news. On the weather front, the Somar Meteorologia meteorological agency said that Brazil's Minas Gerais region had no rain last week, but it is still the usual dry season in Brazil.
The latest COT report on the positions of New York market traders shows that non-commercial speculators reduced their net long position by 2.31% as of Tuesday, August 13, 2024 now holding 38,960 lots in a long position.
On the London robusta market, the COT report also said that fund managers increased their net buying position by 13.51% as of the same period mentioned above, currently this component has registered a new net buying position of 29,622 lots.
Inventories of certified graded Arabica coffee held in the New York market were found to be unchanged on Friday, placing them at 836,921 bags.
Technically, the New York market created a price hole (gap) on the chart at 224.4 - 227.70 when the opening session increased very strongly on August 6, 2024 on a December basis. Up to now this gap has not been closed, so it is very likely that the New York market price will return to this low level after the market showed hesitation at the high level on today's trading day. over.
Ha Diem HSV