Coffee prices on 08/20/2024: The market slightly increased

Coffee prices on 08/20/2024

Globally, both the London and New York exchanges saw simultaneous increases on August 20.

Specifically, Robusta prices on the London exchange for September 2024 delivery rose by $ 43, reaching $ 4,708/ton. The November 2024 delivery price increased slightly by $ 24, reaching $ 4,476/ton.

Meanwhile, on the New York exchange, Arabica prices for September 2024 delivery edged up by 0.45 cents, reaching 245.90 cents/lb. The December 2024 delivery price rose by 0.25 cents, reaching 244.35 cents/lb.

The global coffee prices experienced a slight increase today, supported by the US dollar reaching its lowest point in seven months.

The DXY index, which measures the value of the US dollar against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), dropped to 101.94 during the survey period.

Additionally, weather conditions in Brazil continue to favour a rise in coffee prices.

Thus, global coffee prices on 08/20/2024 saw a slight increase compared to yesterday.

Coffee prices on August 20 domestically

The domestic coffee market saw a slight increase compared to yesterday.

Specifically, in Lam Dong Province, Di Linh, Bao Loc, and Lam Ha districts are all trading at VND 117,600/kg.

In Dak Lak Province, Cu M'gar district is purchasing at VND 118,400/kg, while Ea H'leo and Buon Ho districts are trading at VND 118,300/kg.

In Dak Nong Province, traders in Gia Nghia and Dak R'lap are dealing at VND 118,400/kg and VND 118,300/kg, respectively.

In Gia Lai Province, Chu Prong district is trading at VND 118,300/kg, with Pleiku and La Grai both holding at VND 118,300/kg.

In Kon Tum Province, the purchase price today is VND 118,300/kg.

Domestic coffee prices have increased slightly by VND 300 today, bringing the commodity closer to VND 119,000/kg.

In the first months of 2024, coffee import volumes for major markets such as the EU, US, Canada, Japan, and China have risen due to increased demand and high prices.

According to Eurostat, the EU's coffee import value from non-EU countries reached EUR 4.93 billion (approximately $ 5.36 billion) in the first five months of 2024, up 35.3% compared to the same period last year. Coffee imports from Vietnam to the EU increased significantly by 71.5%, reaching over EUR 1 billion (approximately $ 1.1 billion).

Vietnam's coffee market share in the total EU coffee import value from non-EU countries has surged from 16.1% in the first five months of 2023 to 20.35% in the first five months of 2024.

According to the U.S. International Trade Commission, the US imported coffee worth $ 3.41 billion in the first five months of 2024, an increase of 4.2% compared to the same period last year. Coffee imports from Vietnam to the US amounted to $ 226 million, up 31.1% from the previous year.

Vietnam's coffee market share in the total US coffee import value was 6.62% in the first five months of 2024, up from 5.26% in the same period of 2023.

Thus, domestic coffee prices on 08/20/2024, are trading around VND 117,600 - 118,400/kg.

$ 1 = VND 24.710 - Source: Vietcombank.