(VAN) Both Robusta and Arabica coffee prices have just surpassed the old record and set a new peak when Vietnamese farmers are on the Tet holiday, and Brazilian farmers do not want to sell.
Coffee prices simultaneously set new highs in the world market during the Lunar New Year.
According to information from some coffee traders, during the Lunar New Year, the world price of coffee has set new records.
Specifically, on January 31 (the 3rd day of Lunar New Year), on the London exchange, Robusta coffee prices surpassed the old record and set a new peak at the price of USD 5,750/ton (the closing price was USD 5,734/ton) for the March 2025 term.
Also on the 3rd day of the Lunar New Year, on the New York exchange, Arabica coffee prices surpassed the old record and set a new peak of 376.85 cents/lb (the closing price was 373.40 cents/lb; 1 lb equals 0.45 kg).
In Vietnam, despite being on the Tet holiday, coffee prices in the Central Highlands provinces increased by VND 1,000-1,300/kg to VND 127,800-129,000/kg.
The reason why world coffee prices increased highly and set new records during the Lunar New Year is that Vietnamese farmers and coffee businesses (the world’s largest producer of Robusta coffee) are on the Tet holiday. Meanwhile, Brazilian farmers still do not want to sell due to the instability of the upcoming crop and hope the price will be even higher.
According to the General Department of Vietnam Customs, in the first half of January, Vietnam exported 74,000 tons of coffee, worth USD 399 million.
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