Coffee prices on 08/02/2024: market slightly declines

Coffee prices on August 2 globally

On the global market, both the London and New York exchanges continued to decline on August 2.

On the London exchange, Robusta coffee prices for September 2024 delivery decreased by $ 536, reaching $ 4,225/ton. Prices for November 2024 delivery fell by an additional $ 33, settling at $ 4,083/ton.

On the New York exchange, Arabica coffee prices for September 2024 delivery dropped by 1.95 cents, down to 227.25 cents/lb. Prices for December 2024 delivery decreased by an additional 1.75 cents, standing at 226.40 cents/lb

Global coffee prices continue to decline today due to pressure from the strengthening USD.

The rising USD has caused the Brazilian real to depreciate, prompting Brazilian farmers to sell their coffee as the harvest season nears its end. As of the survey, the DXY index, which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stands at 104.38.

The USD has risen amid increasing geopolitical tensions, boosting market demand for safe-haven assets, while the British pound fell after the Bank of England cut interest rates from a 16-year high. The ongoing conflict risk in the Middle East remains a global concern.

Thus, global coffee prices on 08/02/2024, have collectively decreased slightly compared to yesterday.

Coffee prices on August 2 domestically

In the domestic market, coffee prices today, August 2, have decreased by VND 500 compared to yesterday.

Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha all trade at VND 122,500/kg.

In Dak Lak province, Cu M'gar district is purchasing at VND 123,000/kg today, while Ea H'leo and Buon Ho districts are trading at VND 123,000/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 123,100/kg and VND 123,000/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 123,000/kg, while Pleiku and La Grai are maintaining a price of VND 122,900/kg.

In Kon Tum province, the purchase price today is VND 122,900/kg.

Domestic coffee prices have turned downwards today and are at risk of not maintaining the threshold of VND 123,000/kg.

According to data from the General Department of Customs, Vietnam's coffee exports to the United Kingdom in June 2024 reached 2.18 thousand tons, valued at $ 9.1 million; an increase of 24.4% in volume and 15.1% in value compared to May 2024. However, compared to June 2023, coffee exports decreased by 44.6% in volume and 17.5% in value.

Overall, in the first six months of 2024, Vietnam exported 16.54 thousand tons of coffee to the United Kingdom, valued at $ 65.2 million; a decrease of 22.8% in volume but an increase of 29.9% in value compared to the same period last year.

The average export price of Vietnamese coffee to the United Kingdom reached $ 4,174/ton, down 7.5% compared to May 2024, but up 49.0% compared to June 2023. Overall, in the first six months of 2024, the average export price of Vietnamese coffee to the United Kingdom reached $ 3,941/ton, an increase of 68.4% compared to the same period last year.

According to ITC statistics, in the first five months of 2024, the United Kingdom imported 94.21 thousand tons of coffee from the world, valued at $ 553 million; an increase of 8.1% in volume and 2.6% in value compared to the same period last year.

Thus, domestic coffee prices on 08/02/2024, are trading around the range of VND 122,500 - 123,100/kg.

$ 1 = VND 25.030 - Source: Vietcombank.