Update Coffee Market Price Today on April 12th, 2023

 UPDATE COFFEE MARKET PRICE TODAY 
on April 12th, 2023
Back after the holiday, the London floor suddenly increased sharply. Ending the session yesterday, the price of Robusta coffee in London delivered in May 2023 increased by 104 USD/ton at 2,403 USD/ton, delivered in July 2023 increased by 67 USD/ton at 2,323 USD/ton.

Meanwhile on the New York Stock Exchange, in the first session of the week, the price of Arabica coffee delivered in May 2023 increased by 7.9 cents/lb, at 190.5 cents/lb, delivered in July 2023 increased by 7.75 cents/lb. lb, at 188.45 cents/lb.

Two exchanges increased strongly in the last session. Robusta added 3%, a 3-month high, while Arabica increased 4%, to a recent 6-month peak.
Experts said that the reason Robusta recovered right after the long holiday was partly due to the weakening of the dollar and the strengthening of the Brazilian Real.

At dawn on April 12, 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 0.44 %, down to 102.14.

The dollar fell in the last session, as investors awaited US inflation data for more clues about the US Federal Reserve's (Fed) interest rate hike path.

Besides, the market continued to be supported by the International Coffee Organization's (ICO) March Trade Report, which showed that global coffee exports in February fell by 18.03% year-on-year. last year, totaling 8.90 million bags.

The ICO also estimates the global supply in the 2022/2023 crop year to be around 171.30 million bags and estimates global coffee consumption to be around 178.50 million bags, so the global coffee market is short of 7, 27 million bags.

Concerns about short-term supply shortages caused price squeeze on the London floor to widen.
Another reason is that the market is concerned about the return of El Nino weather. The market will be swayed by more weather information from this point on.

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