Update Coffee Price Today March 6th, 2023

 UPDATE COFFEE PRICE TODAY

March 6th, 2023

Ending last week's trading session, the price of Robusta coffee in London delivered in May 2023 decreased by 18 USD/ton at 2,162 USD/ton, delivered in July 2023 decreased by 16 USD/ton at 2,150 USD/ton.

Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in May 2023 fell 4.35 cents/lb, at 177.85 cents/lb, delivered in July 2023 fell 4.2 cents/lb, at 177 ,2 cents/lb.

Summarizing last week, London market had 3 increasing sessions and 2 decreasing sessions. The price of Robusta coffee for spot in May increased by all 11 USD, or 0.51%, and for July delivery, increased by all 13 USD (0.61%), slight increases.

The New York market extended its losing streak throughout the week. The price of Arabica coffee for May delivery fell all of 9.85 cents, or 5.25%, and for July delivery fell all of 8.80 cents (4.73%), quite strong declines. 

According to experts, one of the reasons that affected the price of coffee last week was due to the significant addition of coffee inventories on the two exchanges.

As of the end of last week (March 3), the inventory of Robusta certified and monitored by the London floor increased by 4,710 tons, or 7.01 percent, to registered at 72,890 tons (equivalent to 1,214,833 bags, 60 kg bags), recorded 2 consecutive weeks with a fairly strong increase in inventory.

This is because the price recovery has stimulated traders to actively bring coffee to the two auction floors. The increased supply pushed the price of Arabica to sink deeply and restrained the rise of Robusta.

Along with that, the report that exports of high-quality wet-processed Arabica coffee from Central America also increased strongly, helping to alleviate concerns about short-term supply shortage.

Expert Nguyen Quang Binh said that, after a period of strong buying, this week funds and speculators may sell out, pushing the market down.

In the short term, high bank interest rates are an obstacle to coffee prices, because the psychology of not wanting to stock up. Besides, two big exporters, Vietnam and Indonesia, are about to harvest, creating strong selling force on the market.

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