Coffee prices on 08/22/2024: The upward trend continues

Coffee prices on August 22 globally

In the global market, both the London and New York exchanges continued their upward trend on August 22.

On the London exchange, Robusta prices for September 2024 delivery surged by $ 75, reaching $ 4,954/ton. Meanwhile, the November 2024 delivery increased by an additional $ 13, settling at $ 4,632/ton.

On the New York exchange, Arabica prices for September 2024 delivery rose by 3.55 cents, reaching 249.45 cents/lb. The December 2024 delivery saw an even larger increase of 4.15 cents, standing at 248.50 cents/lb.

Global coffee prices today continue to be supported by the USD, although not as strongly as in previous sessions. The USD has now fallen to its lowest level in more than a year. As of the latest survey, the DXY index, which measures the fluctuation of the greenback against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stands at 101.21.

Thus, global coffee prices on 08/22/2024, have simultaneously increased compared to yesterday.

Coffee prices on August 22 domestically

In the domestic market, coffee prices on August 22, have risen sharply compared to yesterday.

Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are all trading at VND 119,000/kg.

In Dak Lak, Cu M'gar district is buying at VND 119,700/kg, while Ea H'leo and Buon Ho districts are trading at VND 119,600/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 119,800/kg and VND 119,700/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 119,700/kg, while Pleiku and La Grai are both holding at VND 119,600/kg.

The purchase price in Kon Tum today is VND 119,600/kg.

Domestic coffee prices today have risen sharply by VND 1,100, bringing the commodity close to the VND 120,000/kg mark.

In the early months of 2024, coffee import value from major markets such as the EU, the US, Canada, Japan, and China increased due to rising demand and high prices.

According to Eurostat, the EU's coffee import value from non-EU markets reached EUR 4.93 billion (equivalent to $ 5.36 billion) in the first five months of 2024, marking a 35.3% increase compared to the same period last year. Meanwhile, coffee imports from Vietnam to the EU saw a significant rise of 71.5%, reaching over EUR 1 billion (equivalent to $ 1.1 billion).

Vietnam's share of coffee in the total EU coffee import value from non-EU markets increased sharply, from 16.1% in the first five months of 2023 to 20.35% in the first five months of 2024.

According to data from the US International Trade Commission, the US imported coffee worth $ 3.41 billion in the first five months of 2024, up 4.2% from the same period last year. Of this, coffee imported from Vietnam was valued at $ 226 million, an increase of 31.1% compared to the previous year.

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

Thus, domestic coffee prices on 08/22/2024, are trading around VND 119,000 - 119,800/kg.

$ 1 = VND 24.750 - Source: Vietcombank.