Coffee prices on 06/13/2024: Strong rebound

Coffee prices on June 13 globally

On the global markets, both the London and New York exchanges have seen a strong rebound today, June 13.

Specifically, the price of Robusta coffee on the London exchange for July 2024 delivery surged by $ 44, reaching $ 4,240/ton. Meanwhile, the September 2024 delivery increased slightly by $ 33, settling at $ 4,086/ton.

On the New York exchange, the price of Arabica coffee for July 2024 delivery jumped by 3.8 cents, reaching 224.35 cents/lb. The September 2024 delivery rose by 3.4 cents, reaching 224.85 cents/lb.

Global coffee prices have rebounded after a period of decline. Following a two-day policy meeting, the Federal Open Market Committee (FOMC) decided to keep interest rates unchanged, as expected by the market.

In response to this news, the US dollar has cooled down, which has helped coffee prices recover. As of the latest survey, the DXY index, which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), is at 104.77.

Thus, global coffee prices on 06/13/2024, have increased significantly compared to yesterday.

Coffee prices on June 13 domestically

In the domestic market, coffee prices have surged by VND 1,200/kg compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 121,500/kg.

At Dak Lak, Cu M'gar district is purchasing at VND 122,500/kg, while Ea H'leo and Buon Ho districts are trading at VND 122,400/kg.

At Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 122,700 and VND 122,600/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 122,400/kg, while Pleiku and La Grai districts are holding at VND 122,300/kg.

At Kon Tum province, the purchase price today is VND 122,300/kg.

Domestic coffee prices today have surged sharply, bringing this agricultural commodity close to the threshold of VND 123,000/kg.

Vietnam Customs Office reported that our country's coffee exports in May plummeted by 47.80% compared to the previous month, reaching 1,322,633 bags. This figure is lower than the previously estimated 1.58 million bags.

This indicates a low domestic supply. Sellers are cautious ahead of the upcoming new harvest as they believe yields will be significantly reduced.

The Ministry of Agriculture and Rural Development stated that our country's output for the 2024/25 crop year could decrease by up to 20%, down to 1.47 million tons, the lowest in the past four years (in 2023, Vietnam exported 1.61 million tons of coffee).

In recent years, the price of this agricultural commodity has been quite low, leading many farmers to switch to other crops with higher economic value. This move has caused the area of coffee cultivation to continuously decrease, potentially leading to a long-term supply shortage.

Thus, domestic coffee prices on 06/13/2024, are trading around the range of VND 121,500 - 122,700/kg.

$ 1 = VND 25.187 - Source: Vietcombank