November 9, 2024 | 03:37 GMT +7
November 9, 2024 | 03:37 GMT +7
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On the global markets, both the London and New York exchanges turned downwards on June 19.
Specifically, Robusta prices on the London exchange for July 2024 delivery fell by $ 55, reaching $ 4,108/ton. The September 2024 delivery term dropped sharply by $ 63, standing at $ 3,994/ton.
Meanwhile, on the New York exchange, Arabica prices for July 2024 delivery decreased by 0.85 cents, falling to 226.30 cents/lb. The September 2024 delivery contract saw a slight drop of 1.05 cents, settling at 226.25 cents/lb.
Global coffee prices have decreased across the board. Robusta prices have dropped by more than 1.3%, pulling Arabica prices down slightly by less than 0.5%.
At one point, Arabica fell to its lowest level in three weeks after Cecafe reported late Tuesday that Brazil's green coffee bean exports in May surged 90% year-over-year to 4 million bags.
Additionally, the faster harvest pace in Brazil has also put pressure on coffee prices by boosting supply.
Safras & Mercado estimate that nearly 37% of Brazil's new crop has been harvested. This year's harvest is progressing slightly faster than the same period last year, which was about 34%. Based on their forecast for the new crop's production of 69.50 million bags, approximately 25.72 million bags have been harvested so far, with about 11.83 million bags being Conillon Robusta.
Weather forecasts predict cool and dry conditions as Brazil's high-yield, biennial coffee harvest is underway. Temperatures are expected to remain around 10°C for at least another week before winter begins on June 21.
Thus, global coffee prices on 06/19/2024, have decreased compared to yesterday.
In the domestic market, coffee prices today, June 19, have dropped sharply by VND 1,000 compared to yesterday.
Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 119,000/kg.
In Dak Lak, Cu M'gar district is buying at VND 120,000/kg today. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 119,900/kg.
In Dak Nong province, traders in Gia Nghia and Dak R'lap are respectively trading at VND 120,200/kg and VND 120,100/kg.
In Gia Lai province, Chu Prong district is trading at VND 120,000/kg, while Pleiku and La Grai are both maintaining a price of VND 119,900/kg.
The purchasing price in Kon Tum today is VND 120,000/kg.
Domestic coffee prices have sharply declined today after yesterday's increase, bringing the price of this agricultural commodity back to around VND 120,000/kg.
According to Vicofa, the impacts of climate change and the El Nino phenomenon have caused a decline in coffee production. Specifically, Vietnam's coffee production for the 2023/24 season has decreased by about 10%.
Global conflicts and tensions in the Red Sea area have increased shipping costs and other expenses, pushing coffee prices higher. Additionally, many global investors have started to choose coffee as a commodity for speculation (following oil and gold), driving the prices up rapidly.
Meanwhile, the inventory levels of production and processing enterprises from the previous season are low, leading to a significant imbalance in the supply-demand ratio.
Thus, domestic coffee prices on 06/19/2024, are trading around the range of VND 119,000 - 120,200/kg.
$ 1 = VND 25.219 - Source: Vietcombank
Translated by Hoang Duy
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