Coffee prices on 05/26/2024: This week saw a sharp increase

Coffee prices on May 26 globally

On the global market, the London and New York exchanges showed no new changes on May 26. 

Robusta prices on the London exchange for July 2024 delivery remained at $ 3,892/ton, and the September 2024 delivery also remained stable at $ 3,806/ton. 

On the New York exchange, Arabica prices for July 2024 delivery held steady at 218.25 cents/lb, while the September 2024 delivery price also stayed at 217.35 cents/lb.

World coffee prices remained stable today. However, summarizing this week, both exchanges experienced sharp increases, with Robusta and Arabica prices for July delivery rising by $ 374/ton and 11.65 cents/lb, respectively.

According to expert Nguyen Quang Binh, the coffee market exhibited unusual behaviour this week. Expectations of an imminent Fed interest rate cut and concerns over supply continuity have contributed to the coffee price recovery.

Additionally, global trade obstacles have simultaneously emerged, causing a severe shortage of empty containers and driving up sea freight costs by an average of about 30% in recent weeks, with further increases anticipated.

The severe shortage of empty containers due to prolonged congestion and cancelled sailings has resulted in many shipments being delayed, leading to significant backlogs. 

The next round of freight rate hikes, set for June 1, will raise the shipping cost of each container by an additional $ 1,000. This factor is expected to continue driving coffee prices higher.

Thus, on 05/26/2024, world coffee prices were unchanged from yesterday.

Coffee prices on May 26 domestically

In the domestic market, coffee prices today remained stable compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 114,500/kg.

In Dak Lak, Cu M'gar district is purchasing at VND 115,500/kg today. In Ea H'leo and Buon Ho districts, the price is also VND 115,500/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 116,000/kg and VND 115,900/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 115,500/kg, while Pleiku and La Grai are maintaining a price of VND 115,400/kg.

In Kon Tum, the purchase price today is VND 115,400/kg.

Today's domestic coffee prices saw no new fluctuations, with the highest level reaching VND 116,000/kg. This week, domestic coffee prices have surged significantly, increasing by up to VND 11,000/kg.

Thus, on 05/26/2024, domestic coffee prices are trading around VND 114,500 - 116,000/kg.

$ 1 = VND 25.247 - Source: Vietcombank