COFFEE PRICE TODAY on April 3rd 2024- Increasing very strongly, Robusta broke the record again

COFFEE PRICE TODAY ON APRIL 3rd, 2024- Increasing very strongly, Robusta broke the record again

Raw coffee prices today in the Vietnamese market around 101,000-101,700 VND/KG (equivalent to around 4040-4068 USD/TON). Immediately after returning from the Easter holiday, Robusta on the London floor has exploded, continuing bringing this coffee product to a new peak. Robusta continues to increase because Vietnam's 2023/2024 coffee exports may decrease by up to 20%.

At the end of the latest trading session, the price of Robusta coffee in London for delivery in May 2024 increased by 184 USD/ton, at 3,663 USD/ton, for delivery in July 2024 increased by 184 USD/ton, at 3,580 USD/ton. 

Arabica coffee price for delivery in May 2024 increased by 5.95 cents/lb, at 197.75 cents/lb, for delivery in July 2024 increased by 6 cents/lb, at 197.1 cents/lb.

Immediately after returning from a long vacation, Robusta coffee on the London floor exploded, continuing to bring this coffee product to a new peak. In the context of a falling USD, Arabica recovered, thereby stimulating the London exchange to rise even higher. 

In the early morning of April 3 on the US market, the US Dollar Index (DXY) measuring the fluctuation of the greenback with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased by 0.27%, down to 104.75. The dollar fell after a new report showed that US job openings stabilized at a high level in February. 

Robusta continued its excitement after the Vietnam Coffee Association said that Vietnam's coffee exports in the 2023/2024 crop year could decrease by up to 20% over the same period due to dry weather reducing output. Previously, Marex Group Plc forecast that the global Robusta coffee deficit in the 2024/2025 crop would be about 2.7 million bags due to reduced output in Vietnam.

According to the General Statistics Office, in the first quarter of 2024, Vietnam exported 799,000 tons of coffee, earning 1.9 billion USD; increased by more than 44% in volume and more than 54% in value compared to the same period in 2023. Thus, coffee export turnover has set a historical record, becoming the fastest growing agricultural export product in the quarter. this early year. 

Experts say that the first 3 months of 2024 are considered a "golden period" for Robusta coffee prices when they continuously set unprecedented peaks in history. Low supply in main exporting countries, combined with strong demand in leading import markets, creates dual support for the recent increase in coffee prices.

However, the main factor leading to the decline in stocks in Europe is clearly supply difficulties, due to the scarcity of Robusta coffee available in Asia and logistical difficulties on the Asia-Asia route. Europe due to instability in the Red Sea. 

Currently, the addition of newly harvested coffee from Brazil and Indonesia is expected to temporarily overwhelm the exclusivity of Vietnamese coffee, improving world coffee supply, especially in import markets. Large exporters are running out of inventory like the US and Europe.

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