Update Coffee Market Price Today on Sept 19th, 2023

UPDATE COFFEE MARKET PRICE TODAY on Sept 19th, 2023 

At the end of the trading session at the beginning of the week, the price of Robusta coffee in London for delivery in November 2023 increased by 10 USD/ton, at 2,566 USD/ton, for delivery in January 2024, it increased by 39 USD/ton, at 2,443 USD/ton.

On the New York floor, the price of Arabica coffee delivered in December 2023 increased by 0.45 cents/lb, at 159.6 cents/lb, for delivery in March 2024 increased by 0.8 cents/lb, at 160.55 cents. /lb.

Ahead of the Fed's policy meeting, the USD decreased slightly and the Brazilian Real increased, helping coffee on both exchanges continue to recover.

In the early morning of September 19 on the US market, the US Dollar Index (DXY) measuring fluctuations in the greenback with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased by 0.24%, down to 105.08.

According to data from the General Department of Customs, Vietnam's export coffee prices increased for the 6th consecutive month, recording a new high in August 2023, reaching a record of 3,054 USD/ton, an increase of 8% compared to the previous month. That and increased nearly 30% over the same period last year. The average export price of coffee in 8 months reached 2,463 USD/ton, up 8.9% over the same period last year.

According to experts, coffee prices are maintaining at a high level, which is good news for farmers and coffee export businesses. However, it is worth mentioning that Vietnam's coffee supply is in a state of scarcity.

In some key provinces in the Central Highlands, the amount of coffee stored by people and some businesses is very small due to crop failure leading to scarce supply, mainly the amount of stored goods for export to contracts that have been agreed upon. signed.

According to the latest forecast of the Ministry of Agriculture and Rural Development, the amount of coffee exported in 2023 will reach about 1.7 million tons, worth 4.2 billion USD. This will be a new record turnover level for the coffee industry.

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