Coffee prices on 07/08/2024: Strong increase over the past week

Coffee prices on July 8 globally

Globally, the London and New York exchanges remained stable on July 8.

Specifically, the price of Robusta on the London exchange for September 2024 delivery remains at $ 4,199/ton. The November 2024 delivery price is anchored at $ 4,034/ton.

Meanwhile, on the New York exchange, the price of Arabica for September 2024 delivery is steady at 228.95 cents/lb. The December 2024 delivery price is 226.55 cents/lb.

Global coffee prices are stable today. Over the past week, both markets saw significant increases, with the price of Robusta for September delivery rising by $ 188/ton, and the price of Arabica for September delivery increasing by 2.15 cents/lb.

The coffee harvest for the 2024/25 season in Brazil is reported to have reached 58% completion as of July 2, up from 52% at the same time last year and higher than the five-year average of 54%.

The progress of the Brazilian coffee harvest has put pressure on market prices, particularly for Arabica coffee. However, this has not significantly affected prices, which are even showing an upward trend.

This demonstrates the resilience of Arabica specifically and the coffee market in general. For Robusta, the situation is similar, with organizations forecasting a decrease in the upcoming harvest.

Thus, global coffee prices on 07/08/2024, have not changed from yesterday.

Coffee prices on July 8 domestically

Domestically, the coffee market remains unchanged from yesterday.

Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 122,900/kg.

In Dak Lak province, Cu M'gar district is buying at VND 123,600/kg today, while Ea H'leo and Buon Ho districts are trading at VND 123,500/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are buying at VND 124,100/kg and VND 124,000/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 123,600/kg, while Pleiku and La Grai are holding steady at VND 123,500/kg.

The purchase price in Kon Tum today is VND 123,500/kg.

Today's domestic coffee prices remain stable, with the highest price being VND 124,100/kg. Over the past week, the domestic coffee market experienced a significant increase of VND 4,000 - 5,000.

According to the latest report from the Ministry of Agriculture and Rural Development, Vietnam exported 902,000 tons of coffee in the first six months of 2024, a decrease of 10.6% compared to the same period last year.

The VICOFA stated that coffee exports in July, August, and September are expected to decrease gradually due to dwindling supplies. The coffee harvest will begin in October, at which point Vietnam's coffee supply will start to increase again.

With a shortage of supply in Vietnam and speculators beginning to stockpile, coffee prices are expected to continue rising in the third quarter of 2024. Additionally, supply reductions in major coffee-exporting countries due to weather conditions, such as in Brazil, will likely contribute to the upward trend in coffee prices in the near future.

Thus, domestic coffee prices on 07/08/2024, are trading around the range of VND 122,900 - 124,100/kg.

$ 1 = VND 25.205 - Source: Vietcombank.