UPDATE COFFEE MARKET PRICE TODAY on August 22th, 2023
At the end of the latest trading session, the price of Robusta coffee in London delivered in September 2023 increased by 14 USD / ton at 2,558 USD / ton, delivered in November 2023 increased by 3 USD / ton, at 2,366 USD / ton.
On the New York Stock Exchange, the price of Arabica coffee delivered in September 2023 increased by 0.1 cents/lb, at 147.55 cents/lb, delivered in December 2023 increased by 0.8 cents/lb, at 150.8 cents /lb.
World coffee prices increased slightly in the first session of the week when the USD cooled down. The dollar ended a five-week streak of gains as investors awaited the Jackson Hole symposium hosted by the US Federal Reserve (Fed), scheduled to begin August 25.
On the morning of August 22, 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 0.05% , down to 103.32.
Adding to the increasing momentum on the 2 exchanges was the information that inventories continued to decrease sharply. According to consulting firm HedgePoint Global Market, in July 2023, the European Union (EU) imported 230,000 bags of Conilon robusta coffee from Brazil without going through the London auction to reduce costs.
According to the Financial Times, it is estimated that by 2050, coffee consumption will double from current levels at 6 billion cups/day. A study by the Columbia Center for Sustainable Investment also shows that the world coffee supply by 2030 needs to increase by 25%.
Some experts estimate that by 2050, half of the current coffee growing area will no longer be suitable for this crop. Four of the five largest coffee growing countries in the world including Brazil, Vietnam, Colombia and Indonesia may have to shrink their areas. As of mid-August 2023, it is estimated that Vietnam's coffee exports decreased by about 4% over the same period. --------------
CONTACT INFORMATION:
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
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