Coffee prices on 07/14/2024: Strong increase this week

Coffee prices on July 14 globally

On the global stage, both the London and New York markets remained stable on July 14.

Specifically, Robusta prices on the London market for September 2024 contracts remained at $ 4,617/ton. The November 2024 contract also held steady at $ 4,617/ton.

On the New York market, Arabica prices for September 2024 contracts hovered around 248.75 cents/lb. The December 2024 contract stood at 246.80 cents/lb.

Today, global coffee prices remain unchanged. This week, both the London and New York markets saw significant increases. Specifically, Robusta and Arabica prices for September contracts increased by $ 416/ton and 19.8 cents/lb, respectively.

Since the beginning of the month, Robusta prices have surged by about $ 600/ton - setting an all-time high on July 9.

According to the ICO report, in May, coffee exports from South America increased sharply by 59.6% to 5.5 million bags. This brought the region's total exports in the first eight months of the 2023/24 season to 44.3 million bags, up 33.7% compared to the same period in 2022/23.

This positive growth was driven by Brazil, which saw its exports increase by 79.1% to a record 4.4 million bags in May.

The ICO also noted that this strong growth in South America, particularly Brazil, was primarily due to Brazil's bumper coffee harvests in the 2022/23 and 2023/24 seasons, with estimated production increases of 8.4% and 9.2%, respectively.

Meanwhile, reduced Robusta coffee production from Vietnam and Indonesia has created a significant opportunity for Brazil to boost exports and fill the market demand gap.

In contrast, coffee exports from Asia and Oceania fell sharply by 39.3% to 2.4 million bags in May. The region's total exports in the first eight months of the season decreased by 7.2% to 29.9 million bags.

Thus, global coffee prices on 07/14/2024 remained stable compared to yesterday.

Coffee prices on July 14 domestically

In the domestic market, coffee prices today, July 14, remained stable compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 127,900/kg.

In Dak Lak province, Cu M'gar district is purchasing at VND 128,500/kg. Ea H'leo and Buon Ho districts are trading at VND 128,400/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 128,600/kg and VND 128,500/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 128,500/kg, while Pleiku and La Grai districts are both at VND 128,400/kg.

Meanwhile, the purchasing price in Kon Tum province is VND 128,400/kg today.

Today domestic coffee prices remained stable, with the highest levels approaching VND 129,000/kg. Summing up the week, domestic coffee prices continued to rise, increasing by up to VND 5,000/kg, marking the second consecutive week of strong increases (last week saw a rise of VND 4,000 - 5,000/kg).

Thus, domestic coffee prices on 07/14/2024, are trading around the range of VND 127,900 - 128,600/kg.

$ 1 = VND 25.210 - Source: Vietcombank.