Coffee prices on 04/23/2024: Reached a high of VND 128,000/kg

Coffee prices on April 23 globally

On the global market, both the London and New York exchanges saw fluctuating trends on April 23.

Specifically, Robusta prices on the London exchange for May 2024 surged by $ 44 to reach $ 4,127/ton. Meanwhile, the July 2024 futures contracts increased by $ 53 to reach $4,133/ton.

As for the New York exchange, Arabica prices for May 2024 sharply declined by 4.2 cents to 227.65 cents/lb. Similarly, the July 2024 futures contracts saw a decrease of 4.4 cents, settling at 225.75 cents/lb.

World coffee prices today are declining on the New York exchange due to increased short positions, while Robusta prices on the London exchange continue to rise without a stopping point amid concerns about continued supply increases.

In Vietnam, the Robusta supply is forecasted to decrease sharply. Vicofa stated that coffee exports for the 2023/24 season are estimated to decrease by 20% compared to the previous season, down to only 1.336 million tons.

Coffee roasters and investors are concerned that the tense political situation in the Middle East will affect the transportation of coffee from Asia to Europe. This happened earlier this year when tensions in the Red Sea seriously affected the supply chain of goods.

Businesses assess that if high prices continue as they are now, sooner or later, coffee roasters will fall into the situation of production plan disruption. Over the past year, coffee prices have increased by up to 250%, causing many businesses' production and business plans to be disrupted.

The pressure of price increases is weighing heavily on businesses. If they do not increase prices, they will incur losses in production. However, if prices increase too high, they will lose customers and reduce production.

Thus, world coffee prices on 04/23/2024, are fluctuating compared to yesterday.

Coffee prices on April 23 domestically

In the domestic market, coffee prices on April 23 increased sharply by VND 4,500/kg compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at the same price of VND 127,000/kg.

In Dak Lak province, the district of Cu M'gar is currently purchasing at VND 128,000/kg. Meanwhile, the districts of Ea H'leo and Buon Ho are trading at VND 127,900/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 128,000/kg and VND 127,900/kg, respectively.

In Gia Lai province, the district of Chu Prong is trading at VND 127,100/kg, while Pleiku and La Grai are maintaining the same price of VND 127,000/kg.

The purchase price in Kon Tum province today is VND 127,000/kg.

The domestic coffee price continues to surge today, reaching a new record high of VND 128,000/kg.

Thus, the domestic coffee price on 04/23/2024 is trading around the range of VND 127,000 - 128,000/kg.