Coffee prices on 03/15/2024: The market price increased slightly

Coffee prices on March 15 around the world

In the world, the London and New York exchange prices on March 15 simultaneously increased slightly.

In particular, the price of Robusta on the London exchange for delivery in May 2024 increased by $ 17; reaching $ 3,277/ton. And the price for July 2024 delivery term increased slightly by $ 24; at $ 3,183/ton.

On the New York exchange, the price of Arabica delivered in May 2024 increased by 1.2 cents; and reached 183.85 cents/lb. And the price for the term for delivery in July 2024 increased slightly by 1 cent; at 182.25 cents/lb.

World coffee prices today increased slightly. Since the beginning of the week, prices on both exchanges have continuously fluctuated up and down. 

In the previous session, funds and speculation pushed to liquidate net positions in both markets after speculation that the Fed would not change the possibility of cutting interest rates in the middle of this year. 

According to TCO, demand for this agricultural product has been shifting from Arabica to Robusta recently.

This is shown by the proportion of Robusta in total world coffee exports that has increased steadily over the past three years, from 33.8% in the first 4 months of the 2020/21 crop year to 39.1% in the same period of the 2022/23 crop year and 39.3% in the 2023/24 crop year.

ICO said that in just the first 4 months of the 2023.24 crop year (from October 2023 - January 2024), there were 16.1 million bags of Robusta exported around the world, an increase of 14.7% over the same period of the crop in the previous year. 

However, the supply of this bitter coffee is expected to tighten 

in the near future. According to ICO forecasts, global Robusta production in the current crop year will decrease by 2.1% to 75.8 million bags.

Certified Robusta stocks on the London exchange fell to 0.4 million bags (60kg) at the end of February, the lowest level in the past 10 years.

The US Department of Agriculture (USDA) also has similar comments when forecasting that global Robusta production in the 2023/24 crop year will decrease for the second consecutive year to 74.1 million bags compared to 76.6 million bags in the previous crop year and is the lowest level in the last 4 crop years. This happens mainly due to a sharp decline in Indonesian output due to adverse weather.

Thus, world coffee prices on 03/15/2024 increased slightly compared to yesterday.

Coffee prices on March 15 in the country

The domestic market price on March 15 increased slightly by VND 500/kg compared to yesterday.

Specifically, in Lam Dong province, 3 districts of Di Linh, Bao Loc and Lam Ha are trading at the same level of VND 90,700/kg.

In Dak Nong province, traders Gia Nghia and Dak R'lap are trading at VND 91,600 and VND 91,500/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 91,400/kg, while Pleiku and La Grai are maintaining the same price at VND 91,300/kg.

The purchasing price in Kon Tum today is VND 91,400/kg.

Domestic coffee prices today increased slightly again and are firmly above the threshold of VND 91,000/kg.

Thus, the domestic coffee price on 03/15/2024 is trading around the threshold of VND 90,700 - 91,600/kg.