Update Coffee Price Today Jan 10th, 2023

 UPDATE COFFEE PRICE TODAY JAN 10TH, 2023

At the end of the latest trading session, the price of Robusta coffee in London delivered in March 2023 increased by 35 USD/ton at 1,860 USD/ton, delivered in May 2023 increased by 32 USD/ton at 1,829 USD/ton. Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in March 2023 fell 0.25 cents/lb, at 158.05 cents/lb, delivered in May 2023 fell 0.05 cents/lb, at 158 .45 cents/lb.

In the first trading session of the week, Robusta on the London floor increased well because the inventory report showed that the quantity continued to decrease on the floor, to more than 63,000 tons, the lowest in 4.5 years. Arabica still has downward momentum but no longer loses as strongly as in previous sessions.

The market is now eagerly awaiting information on US consumer price data to be released this week. This information can affect the policy of the US central bank. The decrease in the value of Brazil's domestic currency is also a factor that restrains the price of Arabica coffee. Besides, the standard inventory of ICE New York floor recorded an increase of 830,272 as of January 6, 2023. Weather reports in the main coffee growing regions in southern Brazil are now very favorable rain to develop a new crop. The above information has put downward pressure on Arabica coffee prices.

The December Trade Report of the International Coffee Organization (ICO) continues to confirm that a difficult economy can reduce global coffee consumption. However, world coffee exports in the first two months of the current coffee year 2022/23 totaled 19.56 million bags, up 1.6% year-on-year. Investment bank Rabobank forecasts that Brazil's coffee crop 2023/24 will be bountiful and the world will have an oversupply of about 4 million bags.

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