Coffee prices on 05/27/2024: Highest reaching VND 116,000/kg

Coffee prices on May 27 globally

On the global market, both the London and New York exchanges remained stable on May 27.

Specifically, the price of Robusta on the London exchange for July 2024 delivery remained at $ 3,892/ton. And the September 2024 delivery remained flat, hovering around $ 3,806/ton.

Meanwhile, on the New York exchange, the price of Arabica for July 2024 delivery held steady at 218.25 cents/lb. The September 2024 delivery was maintained at 217.35 cents/lb.

Today's coffee prices on the world market continued to remain stable. Last week, the Robusta futures for July delivery surged to $374/ton, while Arabica futures for July delivery saw a strong increase of 11.65 cents/lb.

Mr Andrea Illy, Chairman of Italy's Illycaffe SpA, stated that while Robusta prices typically rise, encouraging a shift towards more Arabica consumption, this is not happening at the moment.

He believes this to be a unique incentive in the market. For certain specific beverages such as instant coffee, Robusta beans are more crucial.

He further noted that climate change has limited the supply, causing instability in the inventory of this commodity and resulting in higher basic prices.

Guilherme Morya, an analyst at Rabobank, observed that both Robusta and Arabica exports from Brazil have surged. However, he also pointed out that disruptions in Vietnam's Robusta supply have attracted hedge funds to participate in the market, pushing up the prices of this commodity globally.

Meanwhile, the US Department of Agriculture recently announced that the harvest in Indonesia is expected to start in May or June.

Better-than-expected weather will support production recovery in the upcoming season in Indonesia. The Indonesian Coffee Industry and Exporters Association further stated that production is forecasted to increase by 14% to around 10 million bags in 2024.

Currently, both the London and New York exchanges will be temporarily closed for the holiday and will resume on Tuesday this week. Therefore, fluctuations in the prices of this commodity will temporarily cease during these days.

Thus, the world coffee prices on 05/27/2024 showed no new changes compared to yesterday.

Coffee prices on May 27 domestically

In the domestic market, the coffee market on May 27 continued to remain stable 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 114,500/kg.

In Dak Lak province, the district of Cu M'gar is currently purchasing at VND 115,500/kg. Meanwhile, the districts of Ea H'leo and Buon Ho are trading at a price of VND 115,500/kg.

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

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

The purchase price in Kon Tum today is VND 115,400/kg.

Currently, this agricultural product is maintaining stability at the highest level of VND 116,000/kg. Last week, domestic coffee prices saw a strong recovery, surging by as much as VND 11,000/kg.

Thus, on 05/27/2024, domestic coffee prices are trading around the range of VND 114,500 - 116,000/kg.

$ 1 = VND 25.251 - Source: Vietcombank.