Update Coffee Market Price Today on August 8th, 2023

 UPDATE COFFEE MARKET PRICE TODAY 
on August, 2023 

At the end of the first session of the week, the price of Robusta coffee in London for September delivery increased by $70/ton at $2,682/ton, for November delivery, increased by $66/ton, at $2,554/ton. On the New York Stock Exchange, the price of Arabica coffee delivered in September 2023 increased by 2.6 cents/lb, at 163.95 cents/lb, delivered in December 2023 increased by 2.5 cents/lb, at 163.45 cents. /lb. Coffee prices simultaneously increased in the context that coffee inventories on both exchanges continued to decrease deeply. Inventories on the London floor fell to nearly 50,000 tons, while Arabica also fell to the lowest level in nearly 9 months. Along with that, the World Coffee Organization (ICO) said that global coffee exports in June 2023 reached 9.39 million bags, down 6.66% compared to the same period last year. This contributed to cumulative global coffee exports in the first nine months of the current coffee crop year 2022/2023 having decreased by 6.52% year-on-year, to a total of 84.02 million bag. The ICO also forecasts that global coffee consumption in the current crop year will increase by 1.66% compared to the previous crop year, to a total of 178.53 million bags. Therefore, it is forecast that the global coffee market will be short of 7.26 million bags in the coffee crop year to 2023/2024. The above information helped coffee on both exchanges increase strongly again. Last week, the price of Robusta coffee for September delivery increased by 24 USD and for November delivery increased by 51 USD. The price of Arabica coffee for September delivery increased by 3.45 cents and for December delivery increased by 2.75 cents. According to a Bloomberg survey published in early May 2023, Vietnam's coffee harvest this year is expected to fall by more than 7% to 1.67 million tons, the lowest level in four years.

Some economic and financial information may affect the price of coffee derivatives

John Williams of the New York Fed commented that interest rates could fall next year. Meanwhile, Morgan Stanley thinks that the market should prepare for the not-so-exciting US growth.

The CME Group's FedWatch tool shows that markets have about 84.5% of people expecting the Fed to pause rate hikes at its September meeting. The rate hike pause determination peaked on Friday. week before is 87.0%, as could have less than double time.

- What is BRICS? The term BRIC was invented in 2001 by... American bank Goldman Sachs, to refer to the main emerging countries: Brazil, Russia, India and China (the S for South Africa was added later).

In 2009, this shortened name became the main recipe for the BRIC summit for the first time.

Goal: Compete with the G7, with dollar hegemony, and more consideration in international organizations.

Although the BRICS account for 41% of the world's population, the BRICS currently have only 15% of the voting power in the World Bank and International Monetary Fund (IMF).

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