Coffee prices on 06/20/2024: Robusta surges again

Coffee prices on June 20 globally

In the global market, the two exchanges in London and New York showed mixed movements on June 20.

The price of Robusta coffee on the London exchange for July 2024 delivery increased sharply by $ 97, reaching $ 4,205/ton. The contract for September 2024 delivery rose by $ 66, reaching $ 4,060/ton.

On the New York exchange, the price of Arabica coffee for September 2024 delivery dropped by 1.05 cents, reaching 226.25 cents/lb. The contract for November 2024 delivery slightly decreased by 1.2 cents, reaching 224.85 cents/lb.

Today, coffee prices on the New York exchange remain unchanged due to a trading halt. The solitary movement allowed Robusta prices on the London exchange to rise sharply.

However, experts indicate that all three major market players still hold significant buying positions, suggesting the potential for continued position liquidations. Ongoing sales could destabilize the market for the remainder of July.

A report from the International Coffee Organization (ICO) shows that global coffee exports in April reached 12 million bags, a 16.8% increase compared to the same period last year. Overall, the first seven months of the 2023/24 season (October 2023 to April 2024) saw exports nearing 81 million bags, an 11.1% increase (equivalent to 8.1 million bags) over the same period in the 2022/23 season.

In May 2024, Robusta and Arabica prices on the global market fell compared to the end of April 2024 due to forecasts of increased coffee production in Brazil.

Drought and pests have severely impacted coffee yields in many regions. Vietnam's coffee production for the 2023/24 season is estimated to drop by 20% compared to the previous season, down to 1.47 million tons, the lowest in four years, putting pressure on the global Robusta supply.

Thus, global coffee prices on 06/20/2024, show mixed movements compared to yesterday.

Coffee prices on June 20 domestically

Domestically, the coffee market saw a significant increase on June 20, compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are all trading at VND 120,000/kg.

In Dak Lak, Cu M'gar district is purchasing at VND 121,000/kg today. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 120,900/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 121,200 and VND 121,100/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 121,000/kg, while Pleiku and La Grai are maintaining a price of VND 120,900/kg.

The purchase price in Kon Tum today is VND 121,000/kg.

Today's domestic coffee prices have surged by VND 1,000/kg, bringing this agricultural commodity back to the range of VND 121,000/kg.

Thus, on 06/20/2024, domestic coffee prices are trading around the range of VND 120,000 - 121,200/kg.

$ 1 = VND 25.217 - Source: Vietcombank