Coffee price on 05/23/2023: Sharp increase, topping VND 61,000/kg

World coffee price on May 23

The price of coffee on May 23 in the world market fluctuated oppositely in 2 major exchanges.

At the time of the survey, the price of Robusta coffee on the London exchange for delivery in July 2023 increased by $ 41/ton (equivalent to 1.58%); up to $ 2,629/ton.

And the price of coffee delivered in September 2023 on this exchange increased sharply by $ 42/ton (equivalent to 1.66%); at $ 2,572/ton.

The price of Arabica coffee on the New York Stock Exchange for delivery in July 2023 turned down 2.80 cents/lb (equivalent to 1.46%); down to 189.20 cents/lb.

For the September delivery term, the price of coffee on this exchange decreased by 2.40 cents/lb (equivalent to 1.27%), to 186.90 cents/lb.

The world coffee price today is continuing to increase on the London exchange but decreased on the New York exchange.

Colombia's Arabica coffee production increased, and the US Department of Agriculture assessed that this year's Robusta coffee in Indonesia fell by up to 18%. This caused the two coffee products' prices to show opposite changes.

Additionally, the dollar rebounded as investors awaited fresh data to predict whether the Fed is likely to continue raising interest rates. This puts pressure on Arabica coffee, causing the price on the New York exchange to fluctuate and go down.

According to the International Coffee Organization (ICO), global coffee consumption will be around 178.5 million bags. Meanwhile, the global coffee supply is estimated at only 171.3 million bags.

Therefore, the world coffee market will be short of 7.27 million bags. And the information will create conditions for coffee prices to increase in the near future. 

Thus, the price of coffee on 05/23/2023 in the world market increased and decreased oppositely compared to yesterday. 

Domestic coffee price on May 23

Coffee price on May 23 in the domestic market increased sharply to VND 1,300/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 60,700/kg.

In Cu M'gar district (Dak Lak), the price of coffee today remained at VND 61,100/kg. In Ea H'leo and Buon Ho districts, today's coffee price in Dak Lak is kept at VND 61,000/kg.

Coffee prices in Gia Nghia and Dak R'lap of Dak Nong province today were purchased at VND 61,300 and VND 61,200/kg, respectively.

In Gia Lai, the price of coffee in Chu Prong today is at VND 61,000/kg; while at Pleiku and La Grai are holding at VND 60,900/kg.

The price of coffee today in Kon Tum is being purchased at VND 60,900/kg.

The domestic coffee price today continued to increase strongly following the upward momentum of the London exchange. Accordingly, the domestic coffee price has increased by more than VND 1,000/kg compared to yesterday. As a result, the domestic coffee market has surpassed the price mark of VND 61,000/kg.

The sharp increase in coffee prices has led to a weakening of purchasing power of most coffee exporters, due to a lack of capital in the context of high interest rates and erratic exchange rate fluctuations.

In the first 4 months of 2023, our country's coffee export volume reached 753,000 tons, the export value reached $ 1,702 million. Compared with the same period last year, export volume increased by 1.8%, export value increased by 2.5%. 

Thus, the price of coffee on 05/23/2023 in the domestic market traded around the threshold of VND 60,700 - 61,300/kg.

$ 1 = VND 23,260.00 - Source:Vietcombank