|The Ivory Coast have reported that the country’s export performance registered another positive increase on the month, to register November exports at 100,933 bags higher than October 2018, and a total 199,233 bags for the month. Thus, exports in November are a significant 1300% higher than that of the same month in 2017, while cumulatively, exports for the first eleven months registered an increase by 81% than the cumulative exports reported at the same time last year, to register a cumulative total 1,144,616 bags for the first eleven months of the calendar year.
The Uganda Coffee Development Authoirty UCDA have reported that the country’s coffee exports for the month of November were 33,160 bags lower than the same month last year, at a total 409,940 bags. The dip in export volumes are attributed to the lower harvest output within the south western districts of the country.
The March to March contracts arbitrage between the London and New York markets broadened on Thursday, to register this at 31.57 usc/Lb., while this equates to 30.91% price discount for the London Robusta coffee market.
The Certified washed Arabica coffee stocks held against the New York exchange registered a decrease by 1,969 bags on Thursday to register these stocks at 2,456,913 bags. There was no change in the number of bags pending grading for the exchange, to register these pending grading stocks at 55,388 bags.
It was a mixed day on the commodity markets yesterday, as concerns surrounding the future economic impact of prevailing China-U.S.A. trade tariffs held the headlines, while the US Dollar lost ground against other major currencies. It was a firmer day in the Oil markets, Cocoa, Coffee, Wheat, Corn, Soybean, Gold, Silver, Platinum and Palladium markets. It was a softer day for Sugar, Orange Juice, Copper and relatively flat day for Cotton. The Reuters Equal Weight Continuous Commodity Index that is made up from 17 markets is 0.33% higher; to see this index registered at 394.06. The day starts with the U.S. Dollar near to steady and trading at 1.2627 to Sterling, at 1.139 to the Euro and the US Dollar buying 3.759 Brazilian Real, while North Sea Oil is steady at US$ 55.15 per Barrel.
The coffee markets opened the day yesterday on a buoyant note with London narrowly softer at the outset and New York marginally positive, to see both markets trace an upward path through the day. The afternoon session in New York assisted by a firming Brazil Real against the weaker US Dollar, to touch upon the highs of the day toward the end of the session, to slip back as sellers waiting at the top of the market returned. The volume in both markets relatively modest throughout the morning, but picking up pace in New York, as the America’s opened for the day, to see the markets set the close in positive territory, at the high of the day in London and near to the days high in New York, as follows:
London Robusta US$/MT New York Arabica Usc/Lb.