World Coffee Price Update Today – August 17, 2022: Closing the session on August 16, the price of robusta coffee on ICE Futures Europe – London dropped sharply, and September 2022 delivery fell by 32 USD (1.42%), trading at 2,224 USD/ton. Meanwhile, the delivery term in November 2022 decreased by 37 USD (1.63%), trading at 2,228 USD/ton. Average trading volume.
World Coffee Price Update Today, August 17 2022
The price of coffee on both floors dropped simultaneously after many previous increases. One of the reasons for this decline was the strengthening of the USD and appreciation against a basket of other risky assets when the market was concerned about the negative economic indicators from China that could affect the global economy in general, so they bought USD to reserve.
Inventories of Robusta that meet ICE London standards are still recorded below 100,000 tons and have not shown any signs of recovery, as supplies in Brazil and Vietnam are tightening. This information helps Robusta coffee partly capture the market’s general decline.
According to experts’ forecasts, all technical indicators continue to show bullish momentum, and the next resistance area is heading towards 228x-229x. On the contrary, this zone is near the support at 212x-213x. It should be noted that the price is still in the overbought zone, so a further upward move will have to wait after this downward correction.
Meanwhile, ICE’s standard coffee inventories show no signs of decreasing, reaching 571,850 bags on Monday, August 15. According to data from the Somar Met, the Arabica growing area in Minas Gerais received 17.8mm of rain last week, alleviating Brazilian farmers’ concerns about dry weather that could lead to frost, driving up Arabica prices. no reason to increase.
In the short term, the technical indicators give a neutral signal. The price continues to be in the range of 210 – 230.
However, the price is still staying above the convergence point of the MA lines, so it is expected that the next uptrend will conquer the resistance level of 240. On the contrary, the 208-210 area will become a hard support area in the short term for arabica’s price.
Closing the session on August 16, the price of robusta coffee on ICE Futures Europe – London dropped sharply, and September 2022 delivery fell by 32 USD (1.42%), trading at 2,224 USD/ton. Meanwhile, the delivery term in November 2022 decreased by 37 USD (1.63%), trading at 2,228 USD/ton. Average trading volume.
The price of arabica coffee on ICE Futures US – New York for September delivery in September 2022 continued to decrease by 6.15 Cent (2.73%), trading at 219.35 Cent/lb. Meanwhile, December 2022 delivery fell 6.25 Cent/lb (2.37%), trading at 216.3 Cent/lb. Trading volume increased sharply.
World Coffee News: SCA returns to the Online Green Coffee Summit in 2022
One of the Specialty Coffee Association’s online coffee gatherings to emerge during the COVID-19 pandemic, the Green Coffee Summit, will return in 2022.
The 2022 Green Coffee Summit, free to attend with registration, will be held online on October 18 and 20 with panel presentations, lectures and discussions. The October 18 program will serve the North American region, while the October 20 program will serve Europe.
According to the SCA, the presentations will explicitly aim at green coffee buyers and sellers.
“The in-person conference will provide buyer-focused content covering topics such as digitization, fair value distribution, coffee buying rules and ethics,” the group said in an announcement about the event. Back to today’s event. “Seller-focused content including market overview videos for the day’s geographies, with a particular focus on understanding the attributes of each market value, followed by a discussion live on market insights and characteristics.”