Coffee price today 5/22/2023
World coffee prices increased strongly last week on both the London and New York exchanges. As of Friday, May 19, robusta coffee inventories certified and monitored by ICE – London increased by 1,900 tons, or 2.35% compared to the previous week, to 82,810 tons (equivalent to 1,380,167 bags, 60 kg bags).
Overall, the price of robusta coffee experienced 4 sessions of increase and 1 session of decrease, all of which were very strong. The price of robusta coffee futures for July delivery increased by a total of 156 USD, or 6.41%, to 2,588 USD/ton. Trading volume remained above average .
Meanwhile, Arabica coffee prices had 3 sessions of increase and 4 sessions of decrease, all of which increased sharply. The price of Arabica coffee futures for July delivery increased by 9.15 cents, or 5.00%, to 192.00 cents/lb. Trading volume remained very high above average.
Domestic coffee prices in the past 6 days have increased by 3,900 - 4,000 VND/kg compared to the beginning of the week. Transactions fluctuated between 58,800 - 59,300 VND/kg.
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| Domestic coffee prices increased sharply by 1,700 - 1,800 VND/kg in some key purchasing localities in the closing session last week (May 20). (Source: doanhnhan.biz) |
At the end of last week's trading session on the international exchange (May 19), the price of robusta coffee on the ICE Futures Europe London exchange increased sharply. The price of robusta coffee futures for July 2023 delivery increased by 48 USD, trading at 2,588 USD/ton. The price of September delivery increased by 32 USD, trading at 2,530 USD/ton. Trading volume was above average.
Arabica coffee prices on the ICE Futures US New York floor also increased sharply. The July 2023 delivery period increased by 5.35 cents, trading at 186.65 cents/lb. Meanwhile, the September 2023 delivery period increased by 5.05 cents, to 184.25 cents/lb. Trading volume was high on average.
Coffee market information
Domestic coffee prices increased sharply by 1,700 - 1,800 VND/kg in some key purchasing localities in the closing session last week (May 20).
Unit: VND/kg. (Source: Giacaphe.com) |
The US dollar has been on a roll thanks to solid US macro data, which has forced the market to re-evaluate expectations of a Federal Reserve rate hike. The USDX index has gained 1.5% in value, making most commodities more expensive.
Along with the decline in exports from Vietnam, coffee exports from South America also fell 17.3% in March to just 4.1 million bags. Mainly due to the total exports from the three main suppliers in the region, Brazil, Colombia and Peru, falling 17.9%.
Of which, coffee exports from Brazil and Colombia witnessed a decrease of 14.3% and 19.2%, reaching 3.1 million bags and 0.9 million bags respectively, representing the fourth consecutive month of negative growth for Brazil and the ninth consecutive month of negative growth for Colombia.
The Brazilian Coffee Exporters Association (Cecafé) said that the off-season harvest and lower production in the two consecutive 2020-21 and 2021-22 seasons were the main reasons for the decline in Brazilian exports. Meanwhile, in Colombia, supplies continued to be affected by adverse weather, with production falling 10% in March.
Meanwhile, Peruvian coffee exports continued to decline sharply in March, down 76.5% year-on-year. Adverse weather conditions and political instability in major producing regions have severely impacted the country’s export supply.
In addition, the decline in exports is also explained by the high base level of the same period last year, when 4.6 million bags of coffee of all kinds were exported by Peru, corresponding to the second largest export volume in the history of this country, only after 4.7 million bags of the 2011-2012 crop year and an increase of 44.8% compared to the 2020-2021 crop year.
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