Coffee prices on 08/25/2024: Sharp increase this week

Coffee prices on August 25 globally

On the global market, both the London and New York exchanges remained stable on August 25.

On the London exchange, Robusta prices for September 2024 delivery held steady at $ 5,128/ton, while the November 2024 delivery price remained at $ 4,715/ton.

On the New York exchange, Arabica prices for December 2024 delivery stayed at 247.30 cents/lb, with March 2025 delivery prices holding at 244.80 cents/lb.

Today global coffee prices saw no new fluctuations. Summing up the week, both the New York and London exchanges continued to rise sharply, reaching new highs.

Specifically, Arabica prices for December delivery increased by 3.2 cents/lb, while Robusta prices for September delivery surged by $ 463/ton.

Thus, global coffee prices on 08/25/2024 remained unchanged from the previous day.

Coffee Prices on August 25 domestically

In the domestic market, coffee prices on August 25 increased by VND 500 compared to the previous day.

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

In Dak Lak province, Cu M'gar district is purchasing at VND 119,800/kg, while Ea H'leo and Buon Ho districts are trading at VND 119,700/kg.

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

In Gia Lai province, Chu Prong district is trading at VND 119,800/kg, while Pleiku and La Grai districts are holding at VND 119,700 /kg.

The purchase price in Kon Tum province today is VND 119,800/kg.

Domestic coffee prices increased by an additional VND 500 today, pushing this commodity close to the VND 120,000/kg mark. Summing up the week, the domestic market continued to rise sharply by VND 1,700 - 1,800.

Unusual weather patterns have led Asian countries to increase their coffee imports from Brazil. The El Niño phenomenon caused extreme drought in Southeast Asia this season, reducing production in Vietnam and Indonesia, and driving up domestic prices.

Earlier, the 2022/23 season report from VICOFA indicated that Vietnam imported a total of 98,600 tons of coffee beans in the previous season, with a value reaching $ 246 million, marking a 19% increase in volume and a 23% rise in turnover compared to the 2021-2022 season.

VICOFA also noted that Vietnam has been importing coffee for many years, similar to other agricultural products (such as rice and cashews), primarily for processing and export.

For coffee beans, Vietnam imports from countries with lower prices or from regions where Vietnam grows less due to climate and soil conditions, such as Arabica. Arabica is only cultivated in a few regions domestically, resulting in limited quantities. Since this type of coffee is of high quality, it must be imported for consumption.

Vietnam's domestic Robusta prices are 24-30% higher than those of Brazil.

Thus, domestic coffee prices on 08/25/2024, are trading around VND 119,000 - 119,800/kg.

$ 1 = VND 24.780 - Source: Vietcombank.