Coffee prices today (June 16) in the domestic market increased by 1,800 VND/kg. Accordingly, the highest transaction price in the localities reached 66,800 VND/kg, continuing to be recorded in Dak Nong province.
Update domestic coffee prices
According to a survey at giacaphe.com at 6:50, today's coffee price increased by 1,800 VND/kg.
According to records, localities are purchasing coffee at prices ranging from 66,100 - 66,800 VND/kg.
Of which, Lam Dong province has the lowest price of 66,100 VND/kg. Next is Gia Lai province with the price of 66,300 VND/kg.
At the same time of survey, Dak Lak province had a purchase price of 66,700 VND/kg.
Dak Nong recorded a transaction price of 66,800 VND/kg - the highest among the surveyed localities.
| Market | Medium | Change |
| Dak Lak | 66,700 | +1,800 |
| Lam Dong | 66,100 | +1,800 |
| Gia Lai | 66,300 | +1,800 |
| Dak Nong | 66,800 | +1,800 |
| USD/VND exchange rate | 23,330 | +30 |
Unit: VND/kg
Exchange rate according to Vietcombank
Coffee price developments from January to June 16. (Synthesis: Anh Thu )
Update world coffee prices
According to records, coffee prices on the world market increased. Specifically, the online price of robusta coffee in London for delivery in July 2023 was recorded at 2,804 USD/ton after increasing by 2.90% (equivalent to 79 USD).
The price of Arabica coffee for July 2023 delivery in New York was at 187 US cents/pound after increasing 1.41% (equivalent to 2.6 US cents) at the time of survey at 6:55 (Vietnam time).
Photo: Anh Thu
Intercontinental Exchange plans to offer traceability services to help cocoa and coffee companies comply with new EU laws preventing the import of commodities linked to deforestation.
The law, expected to come into effect around the end of 2024, will require companies selling goods in the European Union to provide due diligence claims and verifiable data proving their goods were not grown on land deforested after 2020.
ICE said its ICoT (Information and Communications Technology) service will independently verify and audit companies' data to ensure it complies with the new law, covering cocoa, coffee, beef, soy, palm and other commodities.
Deforestation is responsible for around 10% of global greenhouse gas emissions leading to climate change and the landmark law aims to address the EU's contribution to the problem.
ICE has a long-standing position in the global cocoa and coffee markets, with its benchmark futures contracts widely used to price various physical commodities, according to Yahoo Finance .
“ICoT will help customers demonstrate compliance (with the law),” said Clive de Ruig, chairman of ICE Benchmark Administration (IBA), the ICE business unit responsible for ICoT.
Failure to comply with the EU law, which is expected to have a wide-ranging impact on the global goods markets it regulates, could result in fines of up to 4% of a company's turnover in an EU member state.
Source
Comment (0)