According to Congthuong.vn
According to Vietnam Commodity Exchange (MXV), ending the trading session on November 15, market ccoffee Arabica price continued to attract investors’ attention when it increased sharply by 2.19%, returning to the highest price in 5 months. Robusta price also closed up 3.03% of the reference level. MXV said that buying pressure began to dominate from the evening session when investors increased their holding of buying positions. In addition, concerns about the prospect of coffee supply in Brazil also supported price recovery.
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Coffee prices are continuously anchored at high levels |
Inflation in the US has cooled down, so the market is betting that the US Federal Reserve (FED) will end its interest rate hike cycle at the next meeting. This causes the USD’s role as a haven to weaken and money flows to other markets, thereby stimulating speculators to increase their net buying positions.
Furthermore, record hot weather in Brazil’s main coffee growing region may last the rest of this week. While the coffee tree is in the blooming and fruiting stage, too high a temperature will prevent the tree from growing well, thereby causing concern that the new crop’s coffee output will be low.
Robusta prices increased quite sharply when inventory on the ICE-EU Intercontinental Commodity Exchange decreased by 800 tons at the end of the session on November 14, to 37,300 tons, the lowest in nearly a month.
Coffee prices continue to stay at a high level, which is an opportunity for Vietnam’s coffee exports. In the 2022/2023 crop year, Vietnamese coffee exports earned 4.08 billion USD, an increase of 3.4% compared to the previous crop year thanks to rising prices. According to the Vietnam Coffee and Cocoa Association (VICOFA), this is the highest turnover level in any crop year to date.
VICOFA predicts that the 2023/2024 coffee crop will be harvested later than the previous crop, and the supply of new crops will decrease by about 10%, in the context of record heat causing a serious decline in Brazilian coffee production. meet world demand. These are factors that help coffee exports benefit in price.
Currently Spain is one of the main consuming markets of Vietnamese coffee. According to data from the European Union Statistics Agency (Eurostat), Spain’s coffee imports showed signs of increasing again in August 2023, reaching 30.41 thousand tons, worth 121.6 million USD. , up 15.6% in volume and 14.1% in value compared to July 2023; Compared to August 2022, it increased by 4.1% in volume and 12.7% in value.
In the first 8 months of 2023, Spain’s imported coffee volume reached 240 thousand tons, worth 920.1 million USD, down 4.1% in volume and 1.5% in value over the same period. last year.
Notably, although the total amount of imported coffee decreased, Spain still increased coffee imports from Vietnam in the first 8 months of 2023 with a 29.7% increase in volume and 36% increase in value compared to same period last year, reaching 96.5 thousand tons, worth 246 million USD.
Accordingly, Vietnam’s coffee market share in Spain’s total imports from the world increased from 29.7% in the first 8 months of 2022 to 40.2% in the first 8 months of 2023.
In contrast, Spain sharply reduced coffee imports from Brazil in the first 8 months of 2023, a decrease of 33% in volume and a decrease of 31.5% in value compared to the same period last year. Brazil’s coffee market share in Spain’s total imports from the world decreased from 18.9% in the first 8 months of 2022 to 13.2% in the first 8 months of 2023.
