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Coffee prices continue to go up, consumption increases sharply in Korea

Coffee price today 15/12: Continuing the upward momentum, Robusta coffee up to 1,350 USD/ton;  The price of rubber adjusts to the opposite direction
Coffee prices in the country went sideways at key purchasing locations in the first trading session of the week (March 21).

Coffee price today 22/3

Closing the first session of the week (March 21),asia robusta coffee on ICE Futures Europe – London only increased slightly, delivery in May 2022 increased by 8 USD (0.37%), trading at 2,175 USD/ton. Meanwhile, the term for delivery in July 2022 increased by 9 USD (0.42%) and traded at 2,145 USD/ton. Low trading volume.

HOLDArabica coffee on ICE Futures US – New York still increased strongly, delivery in May 2022 increased by 4.60 Cent (2.09%), trading at 224.65 Cent/lb. Meanwhile, the price of arabica coffee for delivery in July 2022 decreased by 4.80 Cent (2.19%), trading at 224.45 Cent/lb. Trading volume increased on average.

The market was quiet at the beginning of the week, coffee prices of all kinds continued to go up for another session, including the role of arabica beans. The news of dry weather in the Brazilian coffee region also helped increase prices at the beginning of the week. All last week, the amount of rain in the Minas Gerais region, the heart of Brazil’s arabica coffee production, was only 24.5mm or 47% of the average annual rainfall.

On the US stock exchanges, prices fell again when Fed Chairman Jerome Powell hinted that there will be stronger interest rate hikes even though the Russia-Ukraine war still makes the US and world economic situation uncertain. Mr. Powell said that the Fed must be “aggressive” against inflation. Whenever necessary, the Fed will raise interest rates at a large rate of zero.

Information coffee market

Coffee prices in the country went sideways at key purchasing locations in the first trading session of the week (March 21).

Average price

Change

FOB (HCMC)

2.222

Subtract back: +55

DAK LAK

41,800

0

LAM DONG

41,200

0

FAITH

41,700

0

DAK AGRICULTURE

41,700

0

Unit: VND/kg | FOB: USD/ton

FOB An abbreviated term in English for the phrase Free On Board, which means Disclaimer On the Deck, also known as “Delivered on board”.

Subtract back is the price that the buyer subtracts from the seller’s price. Usually due to quality and brand issues.

(Source: Giacaphe.com)

Korea’s coffee import value reached $916.5 million in 2021, up 24.2% year-on-year, marking the first time that Korea’s coffee imports exceeded 1 trillion won. ($823 million) in local currency. Import value also increased 12.7 times compared to 20 years ago.

In terms of volume, Korea’s coffee imports also hit a new high of 189,502 tons in 2021, up 7.3% year-on-year. Korea’s coffee imports have increased steadily since 2013 (except 2018), as more Koreans prefer the drink.

In 2021, Switzerland is the largest coffee exporter to Korea with a turnover of 130.1 million USD, followed by Colombia with 128.2 million USD, Brazil 112.2 million USD and Ethiopia 75.7 million USD.

In terms of volume, Brazil is the largest exporter to Korea with 39,884 tons, followed by Vietnam (36,469 tons) and Colombia (30,040 tons).

Consumption of coffee is increasing in Korea and the number of coffee shops has increased rapidly. The number of coffee shops in the country stood at 83,363 as of the end of December 2021, up 88.2% from four years earlier, according to data from the National Tax Service.

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