Update Coffee Price Today March 23th, 2023

 UPDATE COFFEE PRICE TODAY

on March 23th, 2023

At the end of the latest trading session, the price of Robusta coffee in London delivered in May 2023 decreased by 18 USD/ton at 2,112 USD/ton, delivered in July 2023 decreased by 20 USD/ton at 2,095 USD/ton.

Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in May 2023 fell 2.3 cents/lb, at 178 cents/lb, delivered in July 2023 fell 2.4 cents/lb, at 176.85 cents/lb.

Coffee price dropped on both exchanges after 2 consecutive gaining sessions at the beginning of the week. On the morning of March 23 (Vietnam time), the US Federal Reserve (Fed) decided to raise interest rates by 25 basis points.

The Fed's benchmark interest rate range was raised from 4.75% to 5% to reassure markets, preserve credibility and fight inflation.

Before the movements of the Fed, the world gold price this morning reversed to increase with spot gold increasing by 27.4 USD to 1968.8 USD/ounce. Gold futures last traded at $1,949.6 per ounce, up $8.5 from dawn the day before.

Contrary to that, coffee turned back to plunge. Experts said that the rally of coffee prices seems to have ended. Another important reason why coffee prices can't increase is that inventories on the floor, especially Robsta, increased to the highest level in the past 3.5 months.

Besides, the relatively favorable weather in Brazil signaled a new harvest season with the expected yield.

In the first 2 days of this week, investment capital left the gold market to flow strongly into securities and commodity exchanges in general, so coffee prices benefited. USDX fell to a 1-month low due to concerns that the prolonged financial crisis in Europe - the US will cause a recession in the world economy and limit demand for commodities in general.

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