Coffee prices on 04/24/2024: Surpassed the VND 130,000/kg record

Coffee prices on April 24 globally

In the global market, both the London and New York exchanges on April 24 experienced opposite fluctuations.

Specifically, the price of Robusta on the London market for May 2024 delivery increased sharply by an additional $ 98, reaching $ 4,225/ton. Meanwhile, the July 2024 delivery term saw a slight decrease of $ 16, standing at $ 4,117/ton.

As for the New York market, the price of Arabica for May 2024 delivery decreased by 5.8 cents, reaching 221.85 cents/lb. Additionally, the July 2024 delivery term experienced a significant decrease of 5.65 cents, reaching 220.10 cents/lb.

World coffee prices continued to fluctuate on April 24, with opposite trends observed on the London and New York exchanges.

On the London market, Robusta prices for May 2024 delivery continued to rise, albeit with a weakening trend. The price increased by an additional $ 98, reaching a level of $ 4,225/ton. Meanwhile, the July 2024 delivery futures slightly decreased by $ 16, settling at $ 4,117/ton.

Conversely, on the New York market, Arabica prices for May 2024 delivery experienced a significant decline of over 2.5% compared to the previous day. The price dropped to 221.85 cents/lb. Similarly, the July 2024 delivery futures also saw a sharp decrease of 5.65 cents, reaching 220.10 cents/lb.

Thus, global coffee prices on 04/24/2024 showed mixed movements compared to the previous day.

Coffee prices on April 24 domestically

Domestically, the coffee market on April 24 saw a substantial increase of VND 2,500/kg compared to the previous day.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at the same price of VND 129,300/kg.

In Dak Lak province, the district of Cu M'gar is purchasing coffee at VND 130,500/kg. Meanwhile, the districts of Ea H'leo and Buon Ho are trading at a price of VND 130,400/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lập are trading at prices of VND 130,500/kg and VND 130,400/kg, respectively.

In Gia Lai province, the district of Chu Prong is trading at a price of 129,500 VND/kg, while Pleiku and La Grai districts are maintaining the price at 129,400 VND/kg.

The purchasing price in Kon Tum province today is VND 129,500/kg.

The domestic coffee price today continues its strong upward trend, surpassing the threshold of VND 130,000/kg - marking a new record level.

After a period of declining coffee prices and low yields, many farmers in Ba Ria-Vung Tau province have cleared coffee plants to cultivate other crops with higher economic value. However, recently, some farmers have begun to return to coffee cultivation as the price of this agricultural product has sharply increased again and continuously set new records.

As of the end of 2023, the total coffee cultivation area in the entire province was approximately 3,643 ha. By the end of 2023, coffee prices started to soar, nearly reaching VND 60,000/kg, and now they have surpassed the VND 120,000/kg mark, bringing excitement to many growers.

Currently, many households in Chau Duc district (Ba Ria - Vung Tau province) have started to replant coffee in areas previously used for other less productive and outdated crops.

During the period of 2021-2025, Ba Ria - Vung Tau province has planned to replant coffee in the Xuyen Moc and Chau Duc districts, aiming for an average yield of 3-3.5 tons/ha after replanting, with income per unit area of coffee after replanting (during the stable productivity period) increasing by 1.5 times compared to before replanting.

During the implementation of the plan, the price of this agricultural product has increased significantly, helping farmers make profits and providing motivation for the maintenance and development of coffee cultivation.

Currently, there are still no specific statistics on the exact replanting and new planting areas across Ba Ria - Vung Tau province. However, in Chau Duc district alone, there were over 200 ha replanted and newly planted in 2023. It is expected that in 2024, another 200 ha of coffee will also be replanted and newly planted.

Thus, the domestic coffee price on 04/24/2024 is trading around the range of VND 127,000 - 128,000/kg.

$ 1 = VND 25.147 - Source: Vietcombank