Coffee price on 10/29/2023: This week price reduces by VND 600/kg

Coffee prices on 10/29 around the world

In the world, the London and New York exchange prices on October 29 remained stable. 

In particular, Robusta's price on the London exchange for delivery in November 2023 remained at $ 2,383/ton. And the January 2024 delivery term on this exchange is anchored at $ 2,355/ton. On the New York exchange, the price of Arabica delivered in December 2023 is 160.95 cents/lb. The March 2024 delivery date is at 160.50 cents/lb. 

World coffee prices today remain unchanged. This week, prices in both exchanges simultaneously dropped sharply, in which the price of Robusta coffee in London for delivery in January 2024 decreased by $ 96/ton; The price of Arabica delivered in December 2023 decreased sharply by 4.05 cents/lb.

In the first session of the week, the price of this agricultural product maintained its upward momentum, but on the third day, it reversed and decreased. 

The inventory report on the London exchange recorded a very significant addition, which contributed to supporting Robusta futures prices, ending a series of increases lasting the past 2 weeks. The market's turnaround was predicted after a period of strong growth.

The pressure of increased risk aversion has caused funds and speculators to accelerate the liquidation of net positions in both coffee futures markets after 2 weeks of overbought increases. 

Heavy rains in key growing areas in Brazil are providing good support for coffee plants to flower in the new crop, current new crop development is very good and expectations for the next harvest remain positive. 

At the end of the week, the two exchanges continued to decline after prolonged liquidation pressure on both markets. The slight increase in the USD exchange rate also contributed to the decrease in prices.

Thus, world coffee prices on 10/29/2023 are flat compared to yesterday.

Coffee prices on 10/29 in the country

The domestic market on October 29 had no new fluctuations compared to yesterday.

Specifically, in 3 districts of Di Linh, Bao Loc and Lam Ha of Lam Dong province are trading at the same price level of VND 58,700/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 59,500/kg. Ea H'leo and Buon Ho districts are trading at a price of VND 59,400/kg. 

Thus, the domestic coffee price on 10/29/2023 is trading around the threshold of VND 58,700 - 59,500/kg.

$ 1 = VND 24,360 - Source: Vietcombank