Coffee price on 06/9/2023: Sharp increase, surpassing VND 65,000/kg

World coffee price on June 9

Coffee prices on June 9 in the world market simultaneously increased sharply at both major exchanges.

At the time of the survey, the price of Robusta coffee on the London exchange for delivery in July 2023 increased sharply by $86/ton (equivalent to 3.22%); to $2,760/ton.

And the price of coffee delivered in September 2023 on this exchange is also increasing by $90 (equivalent to 3.41%); at $2,726/ton.

And the price of Arabica coffee on the New York Stock Exchange delivered in July 2023 increased by 9.45 cents/lb (equivalent to 5.1%); to 194.85 cents/lb.

For the September delivery term, the price of coffee on this exchange increased by 8.65 cents/lb (equivalent to 4.75%) at 190.35 cents/lb.

World coffee prices today continued to increase shockingly when they increased by over 3.2% on the London exchange and increased by over 4.7% on the New York exchange.

The reason for the strong increase came from concerns about the El Nino situation threatening the coffee supply. It is forecasted that by the end of this year, El Nino will cause local drought for coffee-growing countries around the Pacific Rim. This will cause heavy rainfall to the main coffee regions in southeastern Brazil and beyond, the West African coffee region.

Meanwhile, worries about the possibility of major central banks implementing a new rate hike emerge. When the global economy is still unstable, weakening the USD, speculative capital flows to stock exchanges and commodities have contributed to boosting the hot coffee price market. 

The global consumer market's demand for "bitter-rich, low-priced" coffee is increasing because of economic difficulties. This has supported the increasing momentum of Robusta coffee over the past time.

In addition, the recent strong fall of the USD has also helped Arabica coffee grow stronger. In this context, the market is waiting for the Fed meeting on June monetary policy that takes place on June 3-14.

In this context, the market is waiting for the Fed meeting on June monetary policy to take place on June 3-14. 

Thus, the price of coffee on 06/9/2023 in the world market continues to increase sharply compared to yesterday.

Domestic coffee price on June 9

Coffee price on June 9 in the domestic market increased by VND 2,200/kg compared to yesterday.

Specifically, the price of Lam Dong coffee (in 3 districts of Di Linh, Bao Loc and Lam Ha) is being purchased at VND 64,500/kg today.

In Cu M'gar district (Dak Lak), the price of coffee today remained at VND 65,100/kg. In Ea H'leo and Buon Ho districts, today's coffee price in Dak Lak is kept at VND 65,000/kg.

Coffee prices in Gia Nghia and Dak R'lap of Dak Nong province today were purchased at VND 65,200 and VND 65,100/kg, respectively.

In Gia Lai, the price of coffee in Chu Prong today is at VND 64,800/kg; while at Pleiku and La Grai are holding at VND 64,700/kg.

The price of coffee today in Kon Tum is being purchased at VND 64,900/kg.

The domestic coffee price today continued to increase dramatically and easily surpassed the mark of VND 65,000/kg. 

Thus, the price of coffee on 06/9/2023 in the domestic market traded around the threshold of VND 64,500 - 65,200/kg.

$1 = VND 23,280.00 - Source: Vietcombank