World markets continue to fluctuate

Coffee prices today (May 30) fluctuated inconsistently on the world market. In particular, robusta coffee prices continued to increase by 0.82% to 2,574 USD/ton.

Update world coffee prices

According to records, coffee prices on the world market fluctuated in opposite directions. Specifically, the online price of robusta coffee in London for delivery in July 2023 was recorded at 2,574 USD/ton after increasing by 0.82% (equivalent to 21 USD).

The price of Arabica coffee for July 2023 delivery in New York was at 181.6 US cents/pound after decreasing 0.6% (equivalent to 1.1 US cents) at the time of survey at 6:45 a.m. (Vietnam time).

The Girijan Cooperative Corporation (GCC) coffee procurement has increased to 996 tonnes in 2022-23 from 106 tonnes in the corresponding period. This is due to the increase in procurement prices and the push for farmers not to sell their produce to middlemen at lower prices.

The GCC’s efforts have benefited both farmers and the GCC by bringing in increased profits and increased procurement. The GCC has increased the coffee procurement price from Rs 270/kg to Rs 285/kg for arabica parchment coffee and from Rs 135/kg to Rs 145/kg for arabica cherry coffee.

“We require no more than 300 tonnes of coffee beans to produce and sell coffee through our stores and franchise partners,” said GCC Vice Chairman and Managing Director G. Suresh Kumar, according to The Hindu.

The remaining 700 tonnes were sold through e-auction, generating a profit of ₹1.5 crore for the corporation. Processing of coffee beans is currently being done at the processing unit of AP Forest Development Corporation (APFDC).”

GCC plans to set up a state-of-the-art treatment unit on a five-acre plot at Narsipatnam at a cost of ₹4 crore. “The state government released ₹3.5 crore for setting up a treatment unit three years ago, but the funds lapsed as they were not utilised in time. We have sent a fresh proposal for setting up a treatment unit and are optimistic that the government will provide the funds,” Kumar said.

Source