Update Coffee Market Price Today on June 29th, 2023

 UPDATE COFFEE MARKET PRICE TODAY 

on June 29th, 2023 

At the end of the latest trading session, the price of Robusta coffee in London delivered in September 2023 decreased by 99 USD/ton at 2,616 USD/ton, delivered in November 2023 decreased by 102 USD/ton at 2,521 USD/ton. On the New York Stock Exchange, the price of Arabica coffee delivered in September 2023 fell 5 cents/lb, at 161.95 cents/lb, delivered in December 2023 fell 4.6 cents/lb, at 160.8 cents/lb. . Two coffee floors dropped sharply in the last session. The drop on the London floor was mainly due to the fact that this floor was in an overbought position and strongly liquidated speculation to balance capital. Meanwhile, the dollar is strengthening, pushing Arabica deep. On the morning of June 29, 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) increased by 0.48% , reaching the milestone of 102.97.

The dollar rose after comments from a range of global central bank leaders, including Federal Reserve Chairman Jerome Powell, that two more rate hikes are likely to be announced by the Fed. implemented this year. The next interest rate hike is likely to take place on July 25 and 26. The New York Stock Exchange fell, pulling London coffee prices, wiping out the efforts to increase from the beginning of the week. Besides, the reason for the decline in Arabica coffee prices also comes from pressure from this year's new Brazilian harvest, which is taking place with a forecast of a record season. In the opposite direction, inventories on the London floor decreased by 2,490 tons, or 3.27% from a week earlier, to registered at 73,750 tons (equivalent to 1,229,166 bags, 60 kg bags). continued to maintain the concern of supply shortage in the short and medium term. Therefore, although the London floor dropped sharply, losing about 100 USD/ton, Vietnam's domestic market still remained at a high level.

------------ CONTACT INFORMATION: 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.Contact person: Ms. Windy Ngo Phone/Whatsapp/Wechat/Line/Viber: +84 932 680 925 Email: sales1@vietthien.com