World and Vietnamese coffee markets are quiet

Global and Vietnamese coffee markets are quiet, while a weakening US dollar and concerns about supply shortages have sent platinum prices soaring.

According to the Vietnam Commodity Exchange (MXV), at closing, the MXV-Index edged up 0.12% to 2,156 points, breaking a five-session losing streak.

7/9 industrial raw material group items decreased in price. Source: MXV

In the trading session on August 6, the industrial raw material group witnessed overwhelming selling pressure on most key commodities. Of which, the price of Arabica coffee lost nearly 1.8% to 6,468 USD/ton, the price of Robusta coffee also recorded a decrease of more than 0.5% to 3,394 USD/ton.

According to MXV, the downward pressure on prices comes from a series of positive information about supply in major coffee producing countries around the world .

Notably, the latest figures from Vietnam Customs show that coffee exports in July reached nearly 102,000 tons, up 7.4% over the same period last year.

In Vietnam, the coffee market remains quiet as farmers continue to hold onto their stocks waiting for better prices, amid falling demand due to high prices.

In Dak Lak , the price of FAQ green coffee fluctuates at 102,000-102,500 VND/kg but actual trading volume is very limited.

The metal commodity market is "bright green". Source: MXV

Meanwhile, the metal market was in the green amid a weakening US dollar and persistent supply shortages in some commodities. Platinum prices reversed to increase 0.7% to $1,339/ounce.

Yesterday, a weaker US dollar made greenback-denominated commodities such as platinum more attractive to investors using other currencies, thereby stimulating demand in the market.

In addition, strong import demand and supply shortages in key producing countries have created momentum for the recovery of precious metals.

In the world's largest consumer market, China, platinum imports in June reached 11.8 tons, three times higher than the same period last year. In the second quarter alone, China imported 35.9 tons of platinum, up 26% over the same period last year.

Source: https://hanoimoi.vn/thi-truong-ca-phe-the-gioi-va-viet-nam-tram-lang-711725.html