Coffee prices on 08/17/2024: continue to rise sharply

Coffee prices on August 17 globally

Globally, both the London and New York exchanges continue to see strong increases on August 17.

Specifically, the price of Robusta on the London exchange for September 2024 delivery increased by $ 94, reaching $ 4,665/ton. The November 2024 delivery contract also rose by $ 74, settling at $ 4,452/ton.

Meanwhile, on the New York exchange, the price of Arabica for September 2024 delivery surged by 5.55 cents, reaching 245.45 cents/lb. The December 2024 delivery contract saw an even larger increase of 6.05 cents, bringing the price to 244.10 cents/lb.

Today, global coffee prices continue to rise strongly, supported by the sharp decline of the USD.

As of the survey time, the DXY index, which measures the fluctuation of the greenback against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), has fallen to 102.40.

The USD's decline followed traders taking profits and investors selectively evaluating economic data to assess the need for interest rate cuts by the U.S. Federal Reserve (Fed).

In this context, Brazil's domestic currency has surged to its highest level in four weeks, limiting sales from Brazil and triggering the liquidation of short positions by previous speculators. This has led to continuous price increases for three consecutive sessions.

According to the Vietnam Industry and Trade Information Center (VITIC) of the Ministry of Industry and Trade, the global coffee market is facing a critical moment, with forecasts indicating that coffee purchase prices will remain high.

The key factors contributing to maintaining high prices are believed to be the limited supply of coffee and changing consumption trends, especially in Asia.

Thus, global coffee prices on 08/17/2024, continue to rise sharply compared to yesterday.

Coffee prices on August 17 domestically

Domestically, the coffee market today, August 17, increased by an additional VND 200 compared to yesterday.

Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 118,500/kg.

In Dak Lak, Cu M'gar district is currently purchasing at VND 119,000/kg. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 118,900/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 118,900 and VND 118,800/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 118,800/kg, while Pleiku and La Grai are both holding at VND 118,700/kg.

Lastly, the purchase price in Kon Tum today is VND 118,800/kg.

Domestic coffee prices today increased slightly, trading at VND 119,000/kg

Currently, coffee trading in the domestic market is quite subdued, contrasting with the global optimism driven by the recovery in demand from major importing countries.

Thus, on 08/17/2024, domestic coffee prices are trading around the range of VND 118,500 - 119,000/kg.

$ 1 = VND 24.860 - Source: Vietcombank.