Robusta coffee prices have dropped slightly.

Coffee prices today, March 12th: Temporary decrease, strong global demand for Vietnamese Robusta.

Coffee futures prices continued to correct as more fundamental information provided support. At the close of trading on Monday, Robusta coffee prices on the ICE Europe – London exchange continued to correct. The May contract fell by another $18 to $3,279/ton, and the July contract fell by another $15 to $3,175/ton – significant declines. Trading volume was below average.

Similarly, Arabica coffee prices on the ICE US – New York exchange followed the same downward trend. The May contract fell by another 0.2 cents to 185 cents/lb, and the July contract fell by another 0.30 cents to 183.15 cents/lb, representing slight decreases. Trading volume was quite high, above average.

Online coffee prices from London, New York, and BMF exchanges. Updated: 12/03/2024 at 14:24:01 (15-minute delay)

Online coffee prices from London, New York, and BMF exchanges. Updated: 12/03/2024 at 14:24:01 (15-minute delay)

Coffee prices in the Central Highlands provinces decreased today in the surveyed provinces and cities. Localities are currently purchasing coffee at prices ranging from 90,200 to 91,100 VND/kg.

Coffee prices in the Central Highlands provinces decreased today in the surveyed provinces and cities. Localities are currently purchasing coffee at prices ranging from 90,200 to 91,100 VND/kg. Specifically, after a decrease of 300 VND/kg, Lam Dong, Gia Lai, and Dak Lak provinces now have coffee prices of 90,200 VND/kg, 90,900 VND/kg, and 91,000 VND/kg respectively. Traders in Dak Nong are purchasing coffee at the highest price of 91,100 VND/kg after a decrease of 400 VND/kg.

Coffee futures prices extended their correction from last weekend as forecasts indicated that major coffee-growing regions in Brazil received above-average rainfall last week, easing concerns about drought ahead of winter.

According to the General Department of Vietnam Customs, coffee exports in February reached 160,584 tons (approximately 2,676,400 bags), a decrease of 32.6% compared to the previous month and a decrease of 19.73% compared to the same period last year. Cumulative coffee exports for the first two months of the 2024 calendar year totaled 398,819 tons, an increase of 16.39% compared to the same period last year.

The Brazilian Coffee Exporters Association (Cecafé) reported that green coffee exports in February reached 3.626 million bags, a 48.9% increase year-on-year. In the first two months of the year, exports of natural Arabica coffee totaled 6.076 million bags, a 35% increase year-on-year, and exports of Conilon Robusta coffee totaled 1.031 million bags, a 531.4% increase year-on-year. This indicates that delays in coffee shipments have not hindered the flow of coffee from Brazil to major consumer markets worldwide.

Commodity markets in general are expected to remain highly volatile ahead of the US Federal Reserve's policy meeting at the end of April, amid hopes that interest rates will be cut.

The global market demand for Vietnamese Robusta coffee is very high, leading to a significant increase in domestic coffee prices compared to previous years, rising continuously since the beginning of the year by approximately 50%.

Domestic dealers have noted a significant drop in coffee inventories at the start of the season and say this is a sign that the 2023/24 crop year may yield slightly less than the previous one.

According to the International Coffee Organization (ICO), global coffee exports totaled 12.6 million bags in January, up 32.3% year-on-year. Cumulative exports for the first four months of the 2023-2024 coffee year (October 2023 to January 2024) reached over 45.1 million bags, a 13.1% increase compared to 39.9 million bags in the same period of the 2022-2023 coffee year.

The recent surge in exports mainly reflects the return to normal production conditions after a year of decline.

The International Coffee Organization (ICO) forecasts global coffee production in the 2023-2024 crop year to increase by 5.8% year-on-year to 178 million bags, with Arabica production increasing by 8.8% to 102.2 million bags and Robusta production increasing by 2.1% to 75.8 million bags. Consumption is expected to increase by 2.2% to 177 million bags, resulting in a world coffee market surplus of 1 million bags in the 2023-2024 crop year.

Source: https://danviet.vn/gia-ca-phe-ngay-12-3-ca-phe-robusta-giam-gia-nhe-2024031214351022.htm