Coffee prices on 07/01/2024: A decrease over June

Coffee prices on July 1 globally

Around the world, both the London and New York markets on July 1 maintained stability.

Specifically, Robusta coffee on the London market for September 2024 contracts held steady at $ 4,011/ton. Meanwhile, the November 2024 contracts were pegged at $ 3,850/ton.

On the New York market, Arabica coffee for September 2024 was at 226.80 cents/lb. The December 2024 contracts were trading around 224.50 cents/lb.

Global coffee prices are stable today. Reviewing the past week, global markets saw mixed movements with Robusta prices for September dropping by $ 97, while Arabica increased by 1.8 cents.

Looking back at June 2023, both the London and New York markets saw increases with Robusta prices for September rising by $ 24, and Arabica prices increasing by 5.55 cents.

Thus, global coffee prices on 07/01/2024 showed no new changes compared to yesterday.

Coffee prices on July 1 domestically

Domestically, the coffee market on July 1, remained stable compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 118,200/kg.

In Dak Lak province, Cu M'gar district is purchasing at VND 119,200/kg. Ea H'leo and Buon Ho districts are trading at VND 119,100/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 119,300 and VND 119,200/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 119,200/kg, while Pleiku and La Grai districts are holding at VND 119,100/kg.

In Kon Tum province, the purchase price today is VND 119,200/kg.

The domestic coffee prices today show no new changes with the highest threshold reaching VND 119,300/kg. Over the past week, this agricultural product has sharply decreased by VND 2,000.

Summarizing June 2024, domestic coffee prices have slightly dropped by VND 1,000, marking the second consecutive week of decline. Overall, coffee prices have been increasing steadily since the beginning of the year, which is a positive signal ahead of this year's harvest, bringing much excitement among farmers.

According to assessments from various sources, drought and pests have significantly affected the productivity of coffee plants in major growing regions of our country.

The annual production for the 2023/24 crop year is estimated to decrease by 20% compared to the previous year, down to 1.47 million tons. This is the lowest level in four years, putting pressure on the Robusta supply in the global market. The ICO forecasts coffee exports in 2024 to generate approximately $ 4.5 - 5 billion.

Thus, domestic coffee prices on 07/01/2024, are trading around VND 118,200 - 119,300/kg.

$ 1 = VND 25.214 - Source: Vietcombank.