World and Vietnamese coffee prices fluctuated strongly this week with many unusual developments.
At the end of the week, Robusta coffee prices continued to increase again in the context of investment funds completing contract expiration. Arabica coffee prices were mixed, ending the week with a decrease. Meanwhile, world coffee prices continued to stay high due to high world demand and limited supply.
Domestic coffee prices continue to "shock" when they increase sharply by 1,200 - 1,300 VND/kg, surpassing the 85,000 VND/kg mark.
Vietnam's coffee exports in February 2024 reached only 160 thousand tons, down nearly 20% compared to the same period last year. The reason is that the month has a long Lunar New Year holiday, so commercial activities have slowed down. This has supported the London futures price to recover strongly in the past 2 days. Europe is the largest importer of Vietnamese coffee, accounting for 29% of total export turnover, followed by the US, China, Russia, Indonesia, etc., according to the General Statistics Office. Coffee prices continue to be high due to high world demand and limited supply. This is a great opportunity for Vietnamese coffee.
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| Domestic coffee prices on March 1 increased sharply by 1,200 - 1,300 VND/kg in some key purchasing localities. (Source: YouTube) |
According to TG&VN, at the end of the first trading session of March (March 1), the price of robusta coffee on the ICE Futures Europe London exchange continued to increase well, the delivery term for May 2024 increased by 48 USD, trading at 3,143 USD/ton. The delivery term for July 2024 increased by 31 USD, trading at 3,057 USD/ton. The average trading volume was high.
Arabica coffee prices on the ICE Futures US New York exchange decreased, with the May 2024 delivery term down 1.05 cents, trading at 183.30 cents/lb. Meanwhile, the July 2024 delivery term down 1.30 cents, trading at 181.40 cents/lb. Trading volume was high.
Domestic coffee prices on March 1 increased sharply by 1,200 - 1,300 VND/kg in some key purchasing localities.
Unit: VND/kg. (Source: Giacaphe.com) |
Not only the European and American markets but also the Chinese market is increasing coffee imports. China is currently the third largest coffee importer of Brazil after the US and Japan. With the increasingly popular trend of using coffee in China, the demand for coffee consumption in the world will increase.
The Brazilian Coffee Exporters Association (Cecafe) recently said that the country's producers are showing special interest in the Chinese market as Brazilian coffee exports to Asia's largest economy last year reached a record high.
In January 2024, coffee sales to China also skyrocketed in volume, at 153.9% compared to the same period in 2023. Brazilian coffee exports to China reached 1.4 million 60-kg bags in 2023, up 278.6% compared to 2022 and making this Asian country the 6th largest importer of Brazilian coffee, up 14 places compared to the previous year.
Coffee exports to China in 2023 will soar thanks to the country’s young population adopting new consumption habits, including enjoying new and high-quality coffees. Meanwhile, as the world’s largest coffee producer and exporter, Brazil has a diverse range of coffee varieties and types, offering consumers different and interesting experiences.
According to experts, another key to success for Brazilian coffee exporters in the Chinese market is to ensure compliance with signed contracts, both in terms of product quality and delivery time.
The president of Cecafe said that the country’s coffee producers expect sales to China to be extremely positive for 2024, both in terms of volume and market share. Cecafe is also stepping up its commercial activities to expand the presence of Brazilian coffee in the Chinese market, with the association prioritizing greater investment in image promotion and marketing, along with a focus on the quality and sustainability of its coffee exports.
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