MILAN – Coffee futures closed slightly higher in yesterday’s session, on Monday 6 January. At Ice Robusta, the main contract (March) rose $16, to settle at $4,984. Ice Arabica posted small gains for all contracts, except for the front month (March), which closed down by a tick (5 points) to 318.60 cents. The benchmark reached an intraday of 328.60 cents, but lost steam after the release of new data on certified stocks, which are now at a 2-1/2 year high of 993,562 bags.
Contributing to the modest gains in London coffee futures was Vietnam’s December export data released yesterday by the General Statistics Office (GSO), which showed a 39.3% year-on-year decline to a volume of 2.1 million bags.
Over the past 12 months, Vietnam exported 1.343 million tonnes (22.38 million bags) of coffee, 17.2% lower than in 2023.
On the other hand, export earnings soared by almost a third (+32.5%) to an unprecedented $5.6 billion.
In the first three months of the 2024/25 coffee year, Vietnam’s exports totalled 3,833,333 bags, down 37.33% from the same period in 2023/24.
In CY 2023/24, Vietnam exported 1.45 million tons of coffee, with a turnover of nearly 5.43 billion USD, down 12.7% in volume but up 33% in value compared to the previous crop.
The latest Commitment of Traders report from the ICE Arabica market has seen the Non-Commercial Speculative sector decrease their net long position by 3.97% over the week of trade leading to Tuesday 31st. December 2024 to register a new long position of 40,093 lots.
The latest Commitment of Traders report from the ICE Robusta market has seen the Speculative Managed Money Sector decrease their net long position by 6.11% over the week of trade leading to Tuesday 31st. December 2024 to register a new net long position of 19,866 lots.
