Update Coffee Price Today Jan 11th, 2023

 UPDATE COFFEE PRICE TODAY JAN 11TH, 2023

At the end of the latest trading session, the price of Robusta coffee in London delivered in March 2023 decreased by 20 USD/ton at 1,840 USD/ton, delivered in May 2023 decreased by 16 USD/ton at 1,813 USD/ton. Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in March 2023 fell 7.15 cents/lb, at 150.9 cents/lb, delivered in May 2023 fell 6.85 cents/lb, at 151 ,6 cents/lb.

In the last trading session, Arabica fell sharply, to the lowest level in more than a year, leading to a drop in Robusta prices. The market immediately plunged when there were tough signals from the US Federal Reserve (FED).

In his speech at the central bank conference in Sweden, Fed Chairman Jerome Powell emphasized the institution's independence in the fight against inflation in the US.

Shortly after, Atlanta Fed President Raphael Bostic and San Francisco Fed President Mary Daly simultaneously emphasized that interest rates will continue to rise and will remain high.

At the beginning of the trading session on January 11 (Vietnam time), on the US market, the US Dollar Index (DXY) measures the volatility of the greenback with 6 key currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased slightly by 0.27%, reaching 103.28.

Meanwhile, Arabica continued to weaken after the New York inventory report steadily increased, reaching a 6-month high after falling to a nearly 24-year low in early November 2022. Besides, the weather report in the main coffee growing regions in southern Brazil is now very favorable rain to develop a new crop. The above information has put downward pressure on Arabica coffee prices.

According to a report by the General Statistics Office of Vietnam, coffee exports from January to December 2022 increased by 13.8%, in December 2022 alone increased by 53.5% compared to the previous month to 197,077 tons.

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