Coffee prices on 06/14/2024: Remained stable domestically

Coffee prices on June 14 globally

In the global market, both London and New York exchanges experienced slight fluctuations on June 14.

In London, the price of Robusta for July 2024 delivery reversed, decreasing by $ 19 USD to $ 4,221/ton. Meanwhile, the September 2024 contract continued to rise by $ 7, reaching $ 4,093/ton.

On the New York exchange, Arabica coffee for July 2024 delivery increased by an additional 1.7 cents, reaching 226.05 cents/lb. The September 2024 contract also saw a slight increase of 1.4 cents, reaching 226.25 cents/lb.

Global coffee prices today saw slight fluctuations on the London exchange but continued upward momentum on the New York exchange.

As of June 12, the July futures contract for Robusta on the London exchange had increased by 22% compared to the previous month. Similarly, the July 2024 futures contract for Arabica on the New York exchange rose by 9.5%.

According to experts, this price increase is primarily due to tightening supplies in Vietnam, the world's largest producer and exporter of Robusta coffee.

Thus, global coffee prices on 06/14/2024, have collectively surged compared to yesterday.

Coffee prices on June 14 domestically

Domestically, the coffee market on June 14 increased 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.

In Dak Lak province, in Cu M'gar district, prices are at VND 122,500/kg. Meanwhile, in Ea H'leo and Buon Ho districts, prices are trading at VND 122,400/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'Lap are trading at VND 122,700/kg 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 steady at VND 122,300/kg.

The purchase price in Kon Tum province today is VND 122,300/kg.

The domestic coffee price today remains stable and is approaching the threshold of VND 123,000/kg.

In May, Vietnam's average coffee export price reached a record of $ 4,275/ton, up by 13.5% from the previous month and a significant 66.2% increase compared to May 2023. Over the first five months of the year, the average export price reached $ 3,475/ton, nearly a 50% increase equivalent to $ 1,151/ton compared to the same period last year.

According to data released by the General Department of Customs, Vietnam's coffee exports in May only reached 79,358 tons, a sharp decrease of 47.8% from the previous month and 47% from the same period last year.

This marks the fourth consecutive month of decline compared to the same period and the sixth month since the beginning of the crop year, indicating dwindling domestic stocks.

In the first five months of the year, Vietnam's coffee exports totalled 817,154 tons, generating revenue of over $ 2.8 billion. This represents a 5.8% decrease in volume compared to the same period in 2023 but a significant 40.9% increase in value due to higher prices.

Vietnam's leading coffee export markets in the first five months of 2024 include the EU with 328,130 tons, down 3% year-on-year, capturing 40.2% market share; Japan with 56,931 tons, up 16.9%; and the US with 50,033 tons, down 22.4%...

Meanwhile, exports to Asian markets such as Indonesia, the Philippines, China, Thailand, South Korea, and Malaysia have seen strong growth.

Thus, domestic coffee prices on 06/14/2024, are trading around VND 121,500 - 122,700/kg.

$ 1 = VND 25.191 - Source: Vietcombank