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COFFEE PRICES TODAY, JULY 28TH,2023: ROBUSTA TO RISE, REACHING NEARLY 68,000 VND/KG IN THE DOMESTIC

July 28th, 2023

 

Coffee prices today (July 28) in the domestic market increased by 500 VND/kg. The highest trading level was recorded in Dak Nong province at 67,800 VND/kg.
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Update on domestic coffee prices:

In Di Linh, Lam Ha, Bao Loc districts of Lam Dong province, coffee is currently being purchased at 67,100 VND/kg.

In the Cư M'gar district of Dak Lak province, coffee prices today are at 67,600 VND/kg. In the Ea H'leo and Buon Ho districts of Dak Lak province, coffee is being purchased at the same price of 67,500 VND/kg.

Similarly, in Dak Nong province, coffee prices today are at 67,800 VND/kg in Gia Nghia and 67,700 VND/kg in Dak R'lap.

In Gia Lai province, coffee prices today are at 67,500 VND/kg in Chư Prông, and 67,400 VND/kg in Pleiku and La Grai.

As for Kon Tum province, coffee is being purchased at 67,400 VND/kg.

The domestic coffee market continues to experience an increase compared to the same time yesterday.


The latest price list of coffee today 28/7

Below is  the  latest  domestic coffee price list today, July 28, 2023. Unit: VND/kg

Local

Unit

Average price

Volatility

Dak Lak

Kg

67,600

+500

Lam Dong

Kg

67,100

+500

Gia Lai

Kg

67,500

+500

Dak Nong

Kg

67,800

+500



In the latest trading session, Robusta coffee on the London exchange for September 2023 delivery increased by 34 USD/ton to 2,673 USD/ton, and for November 2023 delivery, it rose by 19 USD/ton to 2,499 USD/ton.

On the New York exchange, Arabica coffee for September 2023 delivery decreased by 1.7 cents/lb to 161.45 cents/lb, and for December 2023 delivery, it decreased by 1.5 cents/lb to 161.7 cents/lb.

Coffee prices on the two exchanges are showing opposite trends. Robusta continues to increase, while Arabica is experiencing a reversal and decrease.

In the early morning of July 28, 2023, on the U.S. market, the US Dollar Index (DXY), which measures the fluctuations of the greenback against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose by 0.81%, reaching 101.69.

The USD strengthened in the recent trading session following optimistic economic data from the U.S., which further reduced investors' expectations of relatively lenient monetary policies from the U.S. Federal Reserve.

The rise in USD pushed Arabica prices down on the New York exchange. Meanwhile, the impact on the London exchange was less significant due to the USD exchange rate.

The low supply and shortage of inventory continue to drive Robusta prices higher. The widening of the inverse price ratio indicates a more severe short-term supply shortage.

The Association of Indonesian Coffee Exporters and Producers (AEKI) forecasts that Indonesia's coffee production will decrease by up to 20% in 2023, reaching 9.6 million bags due to heavy rainfall in major coffee-growing regions.

 

Indonesia is currently the world's third-largest producer of Robusta coffee. Additionally, the El Nino weather phenomenon expected to develop globally in the latter part of this year poses a greater risk to Robusta coffee than to Arabica.


Origin: kinhtedothi.vn

 
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