Coffee price on 05/31/2023: Decrease slightly by VND 400/kg

World coffee price on May 31

Coffee prices on May 31 in the world market simultaneously decreased at both major exchanges.

At the time of the survey, the price of Robusta coffee on the London exchange for delivery in July 2023 decreased slightly by $ 12/ton (equivalent to 0.47%); to $ 2,562/ton.

And the price of coffee delivered in September 2023 on this exchange is $ 8/ton (equivalent to 0.32%); at $ 2,520/ton.

The price of Arabica coffee on the New York Stock Exchange for delivery in July 2023 fell sharply by 4.5 cents/lb (equivalent to 2.48%); to 177.10 cents/lb.

For the September delivery term, the price of coffee on this exchange is also down by 4.7 cents/lb (equivalent to 2.62%), at 174.85 cents/lb.

World coffee price today decreased slightly on the London exchange because entering the closing day of business positions, causing speculation and funds to sell strongly.

Meanwhile, the price of Arabica coffee continued to decline sharply due to the pressure of harvesting a new coffee crop in Brazil. Last week, the price of Arabica coffee for July delivery fell 10.40 cents, down 5.42%, a sharp decline.

It is forecasted that the price of coffee may increase again in the near future when there is concern that heavy rain will reduce productivity in Indonesia - the world's third-largest coffee producer. Additionally, global demand for Robusta coffee has increased as roasters and consumers seek cheaper coffee options to cope with high inflation. 

Thus, the price of coffee on 05/31/2023 in the world market turned to decrease compared to yesterday.

Domestic coffee prices on May 31

Coffee price on May 31 in the domestic market decreased slightly by VND 400/kg compared to yesterday.

Specifically, the price of Lam Dong coffee (in 3 districts of Di Linh, Bao Loc and Lam Ha) is currently being purchased at VND 60,100/kg.

In Cu M'gar district (Dak Lak), the price of coffee today is VND 60,700/kg. In Ea H'leo and Buon Ho districts, today's coffee price in Dak Lak is kept at VND 60,600/kg.

Coffee prices in Gia Nghia and Dak R'lap of Dak Nong province today were purchased at VND 60,700 and VND 60,600/kg, respectively.

In Gia Lai, the price of coffee in Chu Prong today is at VND 60,500/kg; while at Pleiku and La Grai are holding at VND 60,400/kg.

The price of coffee today in Kon Tum is being purchased at VND 60,500/kg.

The domestic coffee price today is also decreasing slightly following the downward trend on the London exchange and has lost the mark of VND 61,000/kg.

The forecast of coffee exports in the crop year 2023/24 will be the lowest in the last 3 crop years, along with high production costs will likely help Vietnamese coffee prices continue to remain above the high price range.

In the first 5 months of 2023, coffee exports decreased slightly compared to the same period last year.

Thus, today's coffee price on 05/31/2023 in the domestic market traded around the threshold of VND 60,100 - 60,700/kg.

$ 1 = VND 23,295.00 - Source: Vietcombank