Coffee prices on 06/04/2024: Market witnesses strong increase

Coffee prices on June 4 globally

On the global market, both the London and New York exchanges saw increases on June 4.

Specifically, Robusta prices on the London exchange for July 2024 delivery remained at $ 4,120/ton. The September 2024 delivery was pegged at $ 3,987/ton.

On the New York exchange, Arabica prices for July 2024 delivery held steady at 222.35 cents/lb. The September 2024 delivery remained unchanged at 221.25 cents/lb.

Global coffee prices rose sharply today. Robusta regained its losses from the previous session, while Arabica recovered half of its value thanks to the weakening USD.

As of the survey, the DXY index, which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), fell to 104.04.

The USD dropped to a three-week low after newly released data showed the US economy is gradually slowing down, with manufacturing and construction spending figures falling short of expectations.

According to Fairtrade International, unfavourable weather conditions, especially in Southeast Asia and South America, are disrupting the "delicate balance between supply and demand" and driving up coffee prices.

The organization reported that a prolonged drought in Vietnam has damaged crops, while Brazil is experiencing heavy rains affecting the coffee harvest.

They noted that climate uncertainties, disruptions in international trade routes, and the speculative nature of many investment portfolios have created a "perfect storm in the global coffee market."

Thus, global coffee prices on 06/04/2024 rose sharply compared to yesterday.

Coffee prices on 06/04/2024 domestically

In the domestic market, coffee prices today, June 4, increased by more than VND 3,000/kg compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are all trading at VND 122,000/kg.

In Dak Lak, Cu M'gar district is purchasing at VND 123,000/kg today. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 122.900/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 123,300 and VND 123,200/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 123,000/kg, while Pleiku and La Grai are both maintaining prices at VND 123,000/kg.

The buying price of coffee in Kon Tum today is VND 123,000/kg.

Domestic coffee prices increased sharply today, pushing this agricultural product easily past the threshold of VND 123,000/kg.

Meanwhile, domestic pepper prices are fluctuating, varying from VND 1,000 - 5,000/kg, trading around the range of VND 141,000 to VND 144,000/kg.

Thus, domestic coffee prices on 06/04/2024, are trading around the range of VND 122,000 - 123,300/kg.

$ 1 = VND 25.188 - Source: Vietcombank