Coffee price on 05/20/2023: Sharp increase by VND 1,400/kg

World coffee price on May 20

Coffee prices on May 20 in the world market simultaneously increased at both major exchanges.

At the time of the survey, the price of Robusta coffee on the London exchange for delivery in July 2023 increased by $ 48/ton (equivalent to 1.89%); to $ 2,588/ton.

And the price of coffee delivered in September 2023 on this exchange increased by $ 32/ton (equivalent to 1.28%); at $ 2,530/ton.

The price of Arabica coffee on the New York Stock Exchange delivered in July 2023 increased sharply by 5.35 cents/lb (equivalent to 2.87%); to 192 cents/lb.

For the September delivery term, the price of coffee on this exchange increased by 5.05 cents/lb (equivalent to 2.74%), at 189.3 cents/lb.

World coffee prices today simultaneously increased sharply. In which, the price of Robusta coffee on the London exchange increased by more than 1.2%, while the floor price of Arabica coffee on the New York exchange increased sharply by over 2.7%.

The weakening of the USD on the weekends has helped the coffee market continuously increase. 

Currently, Robusta coffee futures in London continue to stand at a 12-year high, since June 2011. In this context, the supply from key producing countries is decreasing and the Vietnamese market is in short supply. 

According to observers, based on the somewhat scarce supply and demand during the grain season, large funds and speculations have gathered a lot of merchandise. They push forward prices, creating artificial scarcity to sell merchandise at sky-high prices.

Thus, the price of coffee on 05/20/2023 in the world market increased sharply compared to yesterday.

Domestic coffee price on May 20

Coffee price on May 20 in the domestic market increased sharply by VND 1,400/kg compared to yesterday.

Specifically, the price of Lam Dong coffee (in 3 districts of Di Linh, Bao Loc, and Lam Ha) is currently being purchased at VND 58,800/kg.

In Cu M'gar district (Dak Lak), the price of coffee today remained at VND 59,200/kg. In Ea H'leo and Buon Ho districts, today's coffee price in Dak Lak is at VND 59,100/kg.

Coffee prices in Gia Nghia and Dak R'lap of Dak Nong province today were purchased at VND 59,300 and VND 59,200/kg, respectively.

In Gia Lai, the price of coffee in Chu Prong today is at VND 59,100/kg; while Pleiku and La Grai are holding the same level of VND 59,000/kg.

The price of coffee today in Kon Tum is being purchased at VND 59,100/kg.

The domestic coffee price today continued its growth momentum and surpassed the mark of VND 59,000/kg. Currently, the market is expecting that the domestic coffee price can reach VND 60,000/kg in the near future when the quantity is scarce. 

According to preliminary data reported by the General Department of Vietnam Customs, our country's coffee exports in the first half of May this year reached 62,532 tons (about 1,042 million bags); down 2.53% over the same period last year.

Thus, the price of coffee on 05/20/2023 in the domestic market traded around the threshold of VND 58,800 - 59,300/kg.

$ 1 = VND 23,290.00 - Source:Vietcombank