Coffee prices on 06/05/2024: Increased by nearly VND 2,000/kg

Coffee prices on June 5 globally

The latest domestic and international coffee prices on 06/05/2024On the world market, both the London and New York exchanges continued to experience significant increases on June 5.

Specifically, the price of Robusta on the London exchange for July 2024 delivery increased by $ 60 to reach $ 4,332/ton. Meanwhile, the September 2024 delivery saw a substantial increase of $ 79 to reach $4,189/ton.

As for the New York exchange, Arabica coffee for July 2024 delivery surged by 7.35 cents to reach 233.90 cents/lb. Similarly, the September 2024 delivery saw a strong increase of 7.2 cents, reaching 232.70 cents/lb.

Despite negative indicators, global coffee prices continued to rise today. Speculative funds are buying heavily, and the strengthening of the US dollar has not stopped the upward trend of coffee.

As of the time of this survey, the DXY index, which measures the fluctuations of the greenback against six key currencies (EUR, JPY, GBP, CAD, SEK, CHF), has risen to 104.15.

The US dollar strengthened ahead of the release of important non-farm payroll data scheduled for later this week.

According to experts, prices on both exchanges are not decreasing according to technical analysis, even though the market has been in a prolonged period of buying above a certain level.

The US Department of Agriculture (USDA) forecasts that the current coffee harvest in Brazil will reach a total of 69.90 million bags. This forecast is slightly higher than that of many other independent surveys and is related to a 7.35% increase in the production of naturally dried Arabica coffee in the 2024/2025 season. Arabica production is estimated at 48.20 million bags (an increase of 1.40%), while Robusta Conilon production will reach a total of 21.70 million bags.

Thus, coffee prices globally on 06/05/2024, have all risen sharply compared to yesterday.

Coffee prices on June 5 domestically

In the domestic market, coffee prices today, June 5, have increased by VND 1,700/kg compared to yesterday.

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

In Dak Lak province, the district of Cu M'gar is currently purchasing at VND 123,000/kg. Meanwhile, the districts of Ea H'leo and Buon Ho 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, the district of Chu Prong is trading at VND 123,000/kg, while Pleiku and La Grai are maintaining the same price of VND 123,000/kg.

The purchase price in Kon Tum province today is VND 123,000/kg.

Domestic coffee prices continue to sharply rise today, easily reaching VND 125,000/kg. Meanwhile, the domestic pepper prices are fluctuating, trading around the range of VND 142,000 - 143,000/kg.

Thus, the domestic coffee prices on 06/05/2024 are trading around the range of VND 123,500 - 125,000/kg.

$ 1 = VND 25.183 - Source: Vietcombank