Coffee price on 06/10/2023: Turning back to VND 64,000/kg

World coffee price on June 10

Coffee prices on June 10 in the world market simultaneously decreased at both major exchanges.

At the time of the survey, the price of Robusta coffee on the London exchange for delivery in July 2023 decreased by $32/ton (equivalent to 1.16%); about $ 2,728/ton.

And the price of coffee delivered in September 2023 on this exchange is down $24 (equivalent to 0.88%); at $2,702/ton.

And the price of Arabica coffee on the New York exchange for delivery in July 2023, dropped sharply by 4.2 cents/lb (equivalent to 2.16%); down to 190.65 cents/lb.

For the September delivery term, the price of coffee on this exchange decreased by 3.7 cents/lb (1.94%), to 186.65 cents/lb.

World coffee prices today simultaneously fell after a hot session yesterday. Coffee on the London exchange fell over 0.8%, while the price on the New York exchange fell over 1.9%.

The increase in the USD causes the price of Arabica coffee to drop more sharply.

Previously, coffee on both exchanges spiked due to technical buy orders of funds and speculations, after predicting a 90% chance of El Nino by the end of the year. 

This weather pattern threatens to cause local drought for coffee-growing countries around the Pacific Rim and causes heavy rain for the main coffee regions in southeastern Brazil and the West African coffee region.

Dealers say strong domestic demand in Brazil is limiting exports of the country's freshly harvested Robusta coffee. According to the ICO report, in April 2023, coffee exports of South America decreased by 6.4%, Africa decreased by 9.8%; Asia and Oceania down by 1%; Mexico and Central America increased by 1%.

USDA forecasts Indonesia's 2023/24 coffee production at its lowest level in 12 years and Vietnam's exports at their weakest level in 3 crop years. This information continues to help the coffee anchor at a high level.

Thus, the price of coffee on 06/10/2023 in the world market turned down sharply compared to yesterday.

Domestic coffee price on June 10

Coffee price on June 10 in the domestic market plummeted by VND 1,000/kg compared to yesterday.

Specifically, the price of Lam Dong coffee (in 3 districts of Di Linh, Bao Loc and Lam Ha) is being purchased at VND 63,500/kg today.

In Cu M'gar district (Dak Lak), the price of coffee today is kept at VND 64,100/kg. In Ea H'leo and Buon Ho districts, today's coffee price in Dak Lak is at VND 64,000/kg.

Coffee prices in Gia Nghia and Dak R'lap of Dak Nong province today were purchased at VND 64,200 and VND 64,100/kg, respectively.

In Gia Lai, the price of coffee in Chu Prong today is at VND 63,800/kg; while at Pleiku and La Grai are holding at VND 63,700/kg.

The price of coffee today in Kon Tum is being purchased at VND 63,900/kg.

The domestic price of coffee today turned around and dropped sharply and is currently retreating to the level of VND 64,000/kg.

Thus, the price of coffee on 06/10/2023 in the domestic market traded around the threshold of VND 63,500 - 64,200/kg.

$1 = VND 23,280.00 - Source: Vietcombank