Jan
At the end of the first trading session of 2024, Arabica coffee prices increased while Robusta coffee prices turned down. The stronger USD pushed commodity exchanges, including coffee, to weaken. Only Arabica still increased due to speculative buying because it sold strongly at the end of the year.
In the early morning of January 3 on the US market, the US Dollar Index (DXY) measuring greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased by 0.90%, reached the mark of 102.23.
The USD rose on the first trading day of the year, as investors waited for US employment data and European inflation data to speculate on banks’ interest rate policies. Center.
Last year, Arabica recorded an increase of 12.6%, while Robusta increased by 58% due to a decline in exports from leading producer Vietnam, while demand was strong. The Central Highlands is the capital of coffee in our country with 639,000 hectares, accounting for nearly 90% of the country’s coffee area, of which 85% is robusta coffee.
In 2023, it was recorded that by June there was almost no coffee left in the population, but in 2024, it may only be April or May that this will happen. From now until April 2024, if EU coffee importers buy Robusta coffee, they can only rely on Vietnam, when other major Robusta producing countries are not yet in season. Therefore, Robusta’s upward momentum is still very bright.
Source: Tincaphe.com
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