Coffee price on 06/20/2023: Rise above the mark of VND 67,000/kg

World coffee price on June 20

The price of coffee on June 20 in the world market fluctuated between two major exchanges.

At the time of the survey, the price of Robusta coffee on the London exchange for delivery in July 2023 increased by $ 37/ton (equivalent to 1.32%); to $ 2,833/ton.

And the price of coffee delivered in September 2023 on this exchange increased by $ 36/ton (equivalent to 1.31%), at $ 2,783/ton.

The price of Arabica coffee on the New York exchange delivered in July 2023 remained at 184.90 cents/lb. For the September delivery term, the price of coffee on this exchange is 180.75 cents/lb.

The world coffee price today on the London exchange has increased by more than 1.3%, in the context of the New York exchange trading halt.

The scarcity of supply and extreme weather due to the El Nino phenomenon has made the price of Robusta coffee continuously increase sharply. 

The low inventory on the London exchange is also a factor driving the price of Robusta coffee to regain its upward momentum. As of June 15, the inventory of Robusta coffee certified and monitored by the London exchange has decreased by 2,330 tons (a decrease of 2.97 % compared to a week earlier), down to 76,240 tons (equivalent to 1,270,667 bags, 60 kg bags), the fifth consecutive week of decline.

In terms of macro, the market expects new economic support measures from China. The People's Bank of China (PBOC) will likely lower the 1-year and 5-year lending prime rate (LPR).

However, the upside momentum is likely to be limited as investors are closely watching the US Congressional testimony of Fed Chairman Jerome Powell, scheduled to take place on June 21 and 22. This is to better understand the future interest rate roadmap of this country.

Thus, the price of coffee on 06/20/2023 in the world market increased and decreased in contrast to yesterday.

Price of domestic coffee on June 20

Coffee price on June 20 in the domestic market increased by VND 500/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 66,500/kg today.

In Cu M'gar district (Dak Lak), the price of coffee today is kept at VND 67,000/kg. In Ea H'leo and Buon Ho districts, today's coffee price in Dak Lak is at VND 66,900/kg.

Coffee prices in Gia Nghia and Dak R'lap of Dak Nong province today were purchased at VND 67,200 and VND 67,100/kg, respectively. In Gia Lai, the price of coffee in Chu Prong today is at VND 66,700/kg; while at Pleiku and La Grai are holding at VND 66,600/kg. 

The price of coffee today in Kon Tum is being purchased at VND 66,600/kg.

Coffee prices in the country today are increasing according to the upward momentum of the London exchange. Thanks to this increase, the domestic coffee market has raised the price above the threshold of VND 67,000/kg.

The Mercantile Exchange of Vietnam (MXV) said that, in general, the main factor determining the price of agricultural products this week, including coffee, will still be the weather. 

Thus, the price of coffee on 06/20/2023 in the domestic market traded around the threshold of VND 66,500 - 67,200/kg.

$ 1 = VND 23,330.00 - Source: Vietcombank