Coffee prices on 07/04/2024: Simultaneous decline

Coffee prices on July 4 globally

On the international market, both the London and New York exchanges saw declines on July 4.

In detail, Robusta coffee prices on the London exchange for September 2024 delivery dropped by $ 34, reaching $ 4,058/ton. For November 2024 delivery, prices decreased by $ 29, to $ 3,902/ton.

On the New York exchange, Arabica coffee prices for September 2024 delivery fell by 3.1 cents, reaching 224.20 cents/lb. For December 2024 delivery, prices sharply declined by 2.65 cents, to 222.05 cents/lb.

Today global coffee prices saw a slight decrease on the London exchange and a sharp drop on the New York exchange, influenced by the new crop pressure from Brazil.

Experts predict that the harvest in Brazil will proceed with favourable weather from now until the weekend. Arabica prices dropped ahead of the New York exchange closing for the US Independence Day holiday.

Certified Arabica stock held on the New York market increased by 8,322 bags the previous day, bringing the total certified inventory to 815,716 bags. Additionally, the Brazilian real has been weakening against the USD over the past few days. These factors have caused Arabica prices to fall again.

Meanwhile, Robusta prices have more support due to declining export reports from major producing countries. The General Statistics Office of Vietnam reported that coffee exports from January to June decreased by 10.6% compared to the same period last year.

The Costa Rican Coffee Institute reported that the country's coffee exports from October last year to June this year fell by 7.6% compared to the same period, totalling 702,097 bags.

Thus, global coffee prices on 07/04/2024 turned lower compared to yesterday.

Coffee prices on July 4 domestically

In the domestic market, coffee prices on July 4, decreased sharply by VND 1,000 compared to yesterday.

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

In Dak Lak, Cu M'gar district is purchasing at VND 121,000/kg today, while 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 121,300/kg and VND 121,200/kg, respectively.

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

In Kon Tum, the purchase price today is VND 120,900/kg.

Domestic coffee prices have sharply declined today, bringing the commodity to around VND 121,000/kg.

According to the General Statistics Office, in June 2024, Vietnam exported only 85,000 tons of coffee, which is 60% of the export volume of this agricultural product in the same period of 2023.

Mr. Nguyen Nam Hai, Chairman of Vicofa, stated that in the first six months of the year, Vietnam exported about 900,000 tons of coffee, with a turnover of $ 3.2 billion. Compared to the same period in 2023, the export volume decreased by 8 - 9%, but the turnover increased by over 40%.

Mr. Hai attributed this situation to the low supply in both Vietnam and other countries. The supply in Vietnam is insufficient, and speculators have started to stockpile, leading to predictions of continued high prices for this agricultural product.

Thus, domestic coffee prices on 07/04/2024, are trading around VND 120,000 - 121,300/kg.

$ 1 = VND 25.213 - Source: Vietcombank.