Coffee prices on 05/10/2024: increase sharply to VND 100,000/kg

Coffee prices on May 10 globally

On the global market, both the London and New York exchanges continued their upward trend on May 10.

In which, the price of Robusta on the London exchange for July 2024 delivery increased by an additional $ 25, reaching $ 3,439/ton. The September 2024 delivery term saw a slight increase of $ 26, reaching $ 3,36/ton.

Meanwhile, on the New York exchange, the price of Arabica for July 2024 delivery surged by 3.9 cents, reaching 201.45 cents/lb. The September 2024 delivery term also saw an increase of 3.75 cents, reaching 200 cents/lb.

The global coffee prices continue the upward trend as weather reports from Brazil indicate adverse effects on the upcoming Arabica harvest. Additionally, while inventories increased on the New York exchange, a surprising decrease on the London exchange helped maintain the recovery momentum of Robusta prices.

Thus, coffee prices worldwide on 05/10/2024 continued to rise sharply compared to yesterday.

Coffee prices on May 10 domestically

In the domestic market, coffee prices on May 10 increased by an additional VND 2,500/kg compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 99,000/kg.

In Dak Lak province, the district of Cu M'gar is purchasing at VND 100,000/kg today. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 99,900/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'Lap are trading at VND 100,000/kg and VND 99,900/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 99,500/kg, while Pleiku and La Grai districts are maintaining the price at VND 99,400/kg.

The purchase price in Kon Tum province today is VND 99,500/kg

Today, for the second consecutive day, domestic coffee prices have experienced a strong increase, bringing the commodity back to the threshold of VND 100,000/kg.

According to Mr Nguyen Ngoc Quynh, Deputy General Director of MXV, the fluctuations in this agricultural product were predicted beforehand, and the previous decline was not surprising and is gradually returning to its true value after investors manipulated prices.

Despite the significant previous decrease in coffee prices due to speculative manipulation, fundamental information continues to support an upward trend in coffee prices, especially in the long term.

Mr. Quynh also forecasts that there is a high likelihood that the price of this agricultural product will continue to decrease over the next few weeks (returning to the price range seen at the end of 2023), and then recover towards the end of 2024 due to the unstable supply.

Thus, on 05/10/2024, domestic coffee prices are trading around the range of VND 99,500 - 100,000/kg.