The US Coffee C futures have experienced a positive trend during the year of 2016. The starting point of Coffee prices was 119.00 at the beginning of year. After that, a bit horizontal period had continued on the global forex market. With the second part of 2016 year, the parity started to show a strong increase with different developments from different coffee producers all around the world. The parity tested 171.35 level at 30th October, which was the highest point of the year.
Supply developments in coffee prices continue to be decisive. Brazil's Robusta coffee production increased by 0.44% to 1,826 tons. However, we can say that the supply gap is still continuing. After the supply of coffee, negatively affected by the El Nino weather phenomenon, prices rose rapidly. Although the El Nino effect has decreased, the supply openness is expected to continue. In the upcoming period, supply and demand reports may continue to be decisive on prices. When we look at the technical image, we see that coffee prices continue to move between 138.95 and 145.40. 145,40 - 142,80 retreats below the support zone may drive towards 138,95 support. If this level breaks, the withdrawals will gain speed and continue to the 134.60 level.
As the first 2017 expectations, the coffee market may follow a bit negative trend at the first days of new year on the global forex market. â€‹The support level will be 132.00 and the resistance level will be 158.00 level for the coffee futures.
- Date: 12 December 2016 Mon 02:34
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