Coffee prices on 04/10/2024: Domestically stable

Coffee prices on April 10 around the world

In the world, the London and New York exchange prices on April 10 fluctuated in opposite directions.

In particular, the price of Robusta on the London exchange for delivery in May 2024 decreased by $ 14; about $ 3,728/ton. And the July 2024 delivery term decreased slightly by $ 10; at $ 3,673/ton.

On the New York exchange, Arabica prices delivered in May 2024 increased by 2.45 cents; to 213.55 cents/lb. And the term for delivery in July 2024 increased sharply by 2.4 cents; at 211.85 cents/lb.

World coffee prices today continued to decrease slightly on the London exchange but increased quite strongly on the New York exchange.

Robusta prices decreased after the report that Vietnam's March coffee exports increased by 17.7%, to 188,972 tons. In addition, exports of this agricultural product in the first quarter of 2024 increased by 5.9% over the same period last year, reaching 585,696 tons. 

In addition, ICO said that global coffee exports in February increased by 6.8% over the same period to 11.33 million bags.

The report on long-term positions of components in the Arabica market in New York shows that short-term fund management companies increased their net long positions by 19.59%, this component registered a new long position at 57,325 lots.

Over the long term, the Index Trading component of this market, increased its net long position by 6.94%, to register a new net long position of 53,546 lots. All are accounted for as of Tuesday,04/02/2024.

Thus, most fund managers have increased their buying positions in the New York market and that has contributed to pushing prices in this market to continuously increase in recent times. Currently, this market price is very close to the technical expectation, set last week at 215 cents, calculated on a May basis.

Arabica stocks on the New York exchange are said to have increased by 2,100 bags yesterday, reaching an inventory level of 615,562 bags. 

Thus, world coffee prices on 04/10/2024 increased and decreased in opposite directions compared to yesterday.

Coffee prices on April 10 in the country

Domestically, the coffee market on April 10 had no new changes 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 104,000/kg.

In Dak Nong province, traders Gia Nghia and Dak R'lap are trading at VND 104,500 and VND 104,400/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 104,300/kg, while Pleiku and La Grai are maintaining the same price at VND 104,200/kg.

The purchasing price in Kon Tum today is VND 104,200/kg.

Domestic coffee prices today remain stable and are firmly above the high threshold of VND 104,000/kg.

Since the Vietnam - EU bilateral Free Trade Agreement (EVFTA) took effect in August 2020, Vietnamese coffee has increased in value and continued to expand its market share in the EU.

In particular, the most favourable is the 0% tax rate for roasted and ground coffee, instant coffee and other coffee products, facilitating processing and increasing the value of Vietnamese coffee for sale to the EU and increasing export turnover.

Our country's coffee exports last year reached an output of 1.61 million tons, earning $ 4.2 billion. Although compared to 2022, exported coffee output will decrease by 9.6%, thanks to improved export prices, foreign currency brought in will increase by 3.1%.

In the first quarter of 2024, coffee exports reached 800 thousand tons, worth nearly $ 1.9 billion, up 44.4% and 54.2% respectively over the same period last year.

According to the Vicofa Association, Vietnam's coffee output in the 2023/24 crop year is expected to decrease to 1.6 - 1.7 million tons, lower than 1.78 million tons in the 2022/23 crop year. It is forecast that Vietnam's coffee export turnover in 2024 could reach $ 5 billion.

Thus, the domestic coffee price on 04/10/2024 is trading around the threshold of VND 104,000 - 104,500/kg.