Update Coffee Price Today Feb 28th, 2023

 UPDATE COFFEE PRICE TODAY FEB 28TH, 2023

At the end of the first session of the week, the price of Robusta coffee in London delivered in May 2023 decreased by 18 USD/ton at 2,133 USD/ton, delivered in July 2023 decreased by 16 USD/ton at 2,121 USD/ton.

Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in May 2023 fell 1.25 cents/lb, at 186.45 cents/lb, delivered in July 2023 fell 1.1 cents/lb, at 184 ,9 cents/lb.

The price of coffee on the 2 bourses fell for the third day in a row. Strong selling force in Brazil after festivals and natural disasters dragged the market down in the past few days. Yesterday, the dollar fell slightly to help coffee prices not fall further.

At dawn on February 28, on the US market, the US Dollar Index (DXY) measuring the volatility of the greenback with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased by 0.56 %, down to 104.65.

The dollar fell from a seven-week high along with a slide in US Treasury yields, as investors awaited the release of February employment and consumer price data. The rising USD has put liquidation pressure on the coffee futures markets.

As of Friday, February 24, the inventory of Robusta certified and tracked by the London floor increased by 5,980 tons, or 9.77 percent from a week earlier, to registered at 67,180 tons (equivalent to 67,180 tons). 1,119,667 bags, 60 kg bags).

Consulting firm HedgePoint Global Market has revised down its forecast for Brazil's Arabica coffee production in the 2023/2024 crop year by 3.1 million bags to 42.3 million bags and thus a global coffee surplus. demand was only 0.6 million bags, so the pressure on supply eased significantly.

The low supply helps the market stay anchored at a high level. At the end of the last trading week, two coffee products continued to increase. However, the increase was slightly adjusted, Arabica recorded an increase of more than 1% when the Dollar Index rose strongly, limiting the increase due to the restriction of sales by farmers in the main supplying countries.

Concerns about short-term supply shortages easing when Indonesia begins to harvest also put pressure on the initial increase to not be maintained, closing the week the price of this commodity increased by more than 2%.

-------------

CONTACT INFORMATION:

Adress:

Head office: No. 59, Tran Thi Nghi Street, Ward 7, Go Vap District, Ho Chi Minh City, Vietnam.

Factory 1: No. 132/6, TL 29 Street, Thanh Loc ward, District 12, Ho Chi Minh City, Vietnam

Factory 2: No. 60-62, To Vinh Vien Street, Bao Loc City, Lam Dong Province, Vietnam.

Phone/Whatsapp/Wechat/Line/Viber: +84 932 680 925

Email: sales1@vietthien.com