Coffee Price Today on January 17th, 2024

COFFEE PRICE TODAY ON JAN 17TH, 2024

At the end of the latest trading session, the price of Robusta coffee in London for delivery in March 2024 increased by 183 USD/ton, at 3,170 USD/ton, for delivery in May 2024, it increased by 142 USD/ton, at 3,004 USD/ton.

On the New York floor, the price of Arabica coffee delivered in March 2024 increased by 5.25 cents/lb, at 185.25 cents/lb, for delivery in May 2024 increased by 4.7 cents/lb, at 182.05 cents/lb.

Robusta prices increased sharply, causing coffee on the New York floor to recover. The cause of the above situation is due to disruption of transportation through the Red Sea, causing goods from Vietnam, Indonesia, Uganda and India to not be able to reach European countries for consumption. In addition, inventory on the London floor decreased, speculation took advantage of the wave of buying, causing Robusta prices to increase sharply in the past session.

The escalating situation in the Red Sea area caused shipping lines to decide not to go through this route but go through the Cape of Good Hope, leading to longer travel times of 8-21 days, and increased shipping costs to Europe. Europe and the United States have also increased 4-5 times.

Currently, businesses are facing many difficulties in finding new orders due to rising transportation costs, causing commodity prices to increase, and buyers do not accept the new prices. At the same time, businesses are facing difficulties because shipping lines automatically impose war surcharges on shipments loaded on ships from December 2023 with a fee of about 1,000-2,700 USD for containers from 20- 40 feet. This also deducts from commodity prices, pushing coffee back up sharply.

While Robusta prices are climbing to record levels, unseasonal rain is threatening India's coffee industry. Excessive rainfall in Karmataka and Kerala can delay harvest and affect yields.

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