As noted, the price of coffee today on the world market decreased. Coffee price today (June 5) in the domestic market went sideways on a large scale. Accordingly, the highest transaction level in localities is 61,300 VND/kg…
Coffee prices today 5/6: Domestic coffee goes sideways, prices on two floors go down at the beginning of the week
As noted, the price of coffee in the world market decreased. Specifically, the price of online Robusta coffee in London delivered in July 2023 was recorded at $2,575/ton after a decrease of 1.15% (equivalent to $30).
The price of Arabica coffee delivered in July 2023 in New York was at 180.30 US cents/lb after falling 1.5% (equivalent to 2.75 US cents) at the time of the survey at 14h12 (Vietnam time). .
At the end of last week’s trading session on the international floor (June 3), the price of Robusta coffee on the ICE Futures Europe London floor decreased. The price of Robusta coffee for delivery in July 2023 decreased by 30 USD, trading at 2,575 USD/ton. September delivery term decreased by 25 USD, traded at 2,542 USD/ton. Trading volume above average.
The price of Arabica coffee on ICE Futures US New York also decreased. Futures for delivery in July 2023 fell 2.75 Cent, trading at 180.30 Cent/lb. Meanwhile, the term for delivery in September 2023 decreased by 2.55 Cent, to 177.70 Cent/lb. Trading volume increased sharply.
Coffee prices online London, New York, BMF Updated: 05/06/2023 at 14:12:01 (10 minutes delay)
Coffee prices online London, New York, BMF Updated: 05/06/2023 at 14:12:01 (10 minutes delay)
The price of green coffee in the Central Highlands provinces is quiet today. Localities are buying coffee with prices in the range of 60,700 – 61,300 VND/kg.
The price of green coffee in the Central Highlands provinces is quiet today. Localities are buying coffee with prices in the range of 60,700 – 61,300 VND/kg. Specifically, Lam Dong province has the lowest price of 60,700 VND/kg. Next is Gia Lai province with the price of 61,000 VND/kg. At the same time of survey, Dak Lak province had a purchasing price of 61,200 VND/kg. Dak Nong recorded a transaction level of 61,300 VND/kg – the highest among the surveyed localities.
World coffee prices fell sharply in the last session of the week on both London and New York bourses. Summarizing last week, the price of Robusta coffee for spot delivery in July increased by 1 USD. The price of Arabica coffee for July delivery fell 1.3 Cent. The price of coffee in the country increased by an average of 100-200 VND/kg.
Over the weekend, the price of coffee futures reversed to decline when the USDX increased strongly again, attracting speculative capital flows to the stock exchanges, crude oil and many other commodities, causing coffee and gold to decline.
Besides, the exchange rate of the Brazilian Real against the USD has supported Brazilian coffee growers to increase export coffee sales, putting pressure on Arabica coffee prices.
According to observers, the rise in the value of the greenback caused emerging currencies to depreciate, which stimulated coffee funds and speculators to liquidate and take profits after having previously bought strongly. However, in the long run, the supply and demand factor will be the factor that pushes the price of coffee to continue going up.
In May 2023, the price of Robusta coffee in the domestic market increased sharply compared to the end of last month. On May 29, 2023, the price of Robusta coffee increased to a record high, from 9,400 to 9,700 VND/kg (depending on the surveyed area) compared to April 28, 2023. In Gia Lai province, the price of coffee increased by 9,400 VND/kg, to 60,800 VND/kg; in Dak Lak and Dak Nong provinces, coffee prices increased from 9,600 to 9,700 VND/kg, to 61,600 VND/kg; In Lam Dong province, the price of coffee increased by 9,700 VND/kg, to 60,500 VND/kg.
Source: Calculation from the data of the General Department of Customs
Source: giacaphe.com
According to estimates, in May 2023, Vietnam’s coffee exports reached 165 thousand tons, worth 396 million USD, up 0.9% in volume, but down 0.7% in value compared to April 2023. , compared to May 2022, an increase of 15.7% in volume and 21.8% in value. In the first 5 months of 2023, Vietnam’s coffee exports were estimated at 882 thousand tons, worth 2.02 billion USD, down 2.2% in volume, but up 0.2% in value over the same period. last year.
In May 2023, the average export price of Vietnam’s coffee was estimated at $2,399/ton, down 1.6% compared to April 2023, but up 5.3% compared to May 2022. Accumulated in the first 5 months of 2023, the average export price of our country’s coffee is estimated at $2,295 per ton, up 2.4% over the same period last year.
Regarding the type structure in the first 4 months of 2023, exports of Robusta and Arabica coffee decreased, but exports of Excelsa and processed coffee increased compared to the same period last year. Statistics from the General Department of Customs show that Robusta coffee exports in April 2023 reached approximately 145 thousand tons, worth $312.67 million, up 5.3% in volume and 16% in value. price compared to April 2022. In the first 4 months of 2023, Vietnam’s Robusta coffee exports reached 647.74 thousand tons, worth 1.29 billion USD, down 2.9% in volume and 2.0% in value over the same period. period last year. In particular, exports of Robusta coffee to the markets of Spain, Japan, Belgium, the UK and the Netherlands decreased, but exports to the markets of Germany, Italy, the United States and Russia increased.
According to the Vietnam Coffee and Cocoa Association (VICOFA), the continuous increase in coffee prices is due to insufficient supply and demand. It is forecasted that from now until the end of the year, coffee exports will still be favorable when the demand increases while the source of goods is not improved. It is forecasted that coffee production this year will decrease by 10-15%/year due to unfavorable weather.
The current trend of increasing coffee prices may lead to people expanding their growing areas. According to new regulations of the European Union (EU), coffee products originating from devastated and degraded forests after December 30, 2020 will not be exported to this market. Therefore, VICOFA notes that farmers should not plant on land at risk of deforestation because it will adversely affect Vietnam’s coffee exports in the future.
