Coffee price on 04/03/2024: exceeding VND 100,000/kg

Coffee price on April 3 in the world

In the world, the London and New York exchange prices on April 3 simultaneously increased hotly.

In particular, the price of Robusta on the London exchange for delivery in May 2024 increased to $ 184; reaching $ 3,663/ton. And the July 2024 delivery term price also increased sharply to $ 184; up to $ 3,580/ton.

On the New York exchange, the price of Arabica delivered in May 2024 increased sharply by 5.95 cents; up to 197.75 cents/lb. And the term for delivery in July 2024 increased to 6 cents; reaching 197.10 cents/lb.

World coffee prices today increased sharply when Robusta and Arabica futures prices for May 2024 increased by 5.29% and 3.10% respectively compared to yesterday. 

Immediately after returning from a long vacation, Robusta prices on the London exchange exploded, continuing to bring this commodity to new heights. In the context of a weakening USD, Arabica prices have recovered, thereby stimulating the London exchange to rise even higher. 

At the time of the survey, the DXY index measuring greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) fell to 104.75. The USD fell after a new report showed that job opportunities in the US stabilized at a high level in February 2024.

Robusta prices continue to gain momentum after the Vietnam Coffee Association said that the country's 2023/24 crop year exports could decrease by up to 20% over the same period due to dry weather reducing production. Previously, Marex Group Plc forecast that the global Robusta deficit in the 2024/25 season would be about 2.7 million bags due to reduced production in Vietnam.

Thus, world coffee prices on 04/03/2024 increased sharply compared to yesterday.

Coffee price on April 3 in the country

Domestically, the coffee market on April 3 increased by VND 1,500/kg compared to yesterday.

Specifically, in Lam Dong province, 3 districts of Di Linh, Bao Loc and Lam Ha are trading at the same level of VND 99,600/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 100,100/kg. Ea H'leo and Buon Ho districts are trading for VND 100,000/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 100,200 and VND 100,100/kg, respectively. 

In Gia Lai province, Chu Prong district is trading at VND 100,100/kg, while Pleiku and La Grai are both maintaining the price of VND 100,000/kg.

The purchasing price in Kon Tum today is VND 100,000/kg.

Domestic coffee prices today increased sharply, thereby bringing this product back to a record high of VND 100,000/kg. 

Currently, the price of this agricultural product is at a level beyond the imagination of Vietnamese farmers. Mr. Le Van Bao - a coffee farmer in Bu Dang district (Binh Phuoc) shared, that for decades since Vietnam exported coffee again, growers have only dreamed of the price reaching VND 50,000/kg. Unexpectedly, in 2023, the price of this agricultural product will far exceed this mark and reach over VND 70,000/kg. At the beginning of this year, domestic coffee prices continued to increase sharply and reached VND 100,000/kg, which is double the expectations of farmers over the years. 

Mr. Nguyen Nam Hai - Chairman of Vicofa said that in the first quarter of 2024, Vietnam plans to export about 600,000 tons of coffee with a turnover of about $ 1.9 billion, an increase of 3.1% in quantity and 54.7% in export turnover. Of which, the export of green coffee is the main source, accounting for about 91% of output and about 85% of value.

Also according to Mr. Hai, domestic coffee prices will continue to increase in the first months of this year but the supply has gradually dried up, so there is not much inventory in the warehouses of businesses and farmers, so export volume from now until the end of the season will decrease. Turnover is likely to reach over $ 5 billion in 2024.

Mr. Nguyen Quang Binh - an analyst of this agricultural market commented that the average export price is over $ 3,000/ton and export value has reached $ 1.9 billion in the first 3 months of the year, exports this year can completely exceed the $ 5 billion mark.

Thus, the domestic coffee price on 04/03/2024 is trading around the threshold of VND 99,600 - 100,200/kg.