Coffee prices on 09/24/2024: Simultaneously surged significantly

Coffee prices on September 24 globally

Globally, both the London and New York exchanges experienced significant increases on September 24.

On the London exchange, Robusta prices for November 2024 delivery rose sharply by $ 217 (equivalent to 4.29%), reaching $ 5,276/ton. Meanwhile, prices for January 2025 delivery increased by $ 200 (equivalent to 4.16%), standing at $ 5,003/ton.

On the New York exchange, Arabica prices for December 2024 delivery surged by 12.9 cents (equivalent to 5.14%), reaching 263.65 cents/lb. The March 2025 delivery also saw a strong increase of 12.65 cents (equivalent to 5.09%), hitting 261.30 cents/lb.

Global coffee prices today experienced a collective increase, regaining what was lost during the previous week's trading session.

According to experts, the upward trend is attributed to forecasts of rain in Brazil, although precipitation has not yet occurred. Additionally, escalating geopolitical tensions in the Middle East are prompting speculation, causing funds to shift towards gold and partly into coffee.

The USDA predicts that Vietnam's Robusta coffee production will decline by 1% in the upcoming 2024/25 season, down to 27.85 million bags (60 kg each), marking a 9% decrease compared to the 2021/22 season. This reflects a long-term trend of declining production, while global demand continues to rise.

Volcafe also forecasts a severe global shortage of Robusta supply during 2024-2025, marking the fourth consecutive year of this situation.

Thus, global coffee prices on 09/24/2024, have significantly increased compared to yesterday.

Coffee prices on September 24 domestically

In the domestic market, coffee prices today increased by up to VND 1,200 compared to yesterday.

Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 121,000/kg.

In Dak Lak, the Cư M'gar district is purchasing at VND 121,500/kg, while the Ea H'leo and Buon Ho districts are trading at VND 121,400/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lấp are trading at VND 121,600 and VND 121,500/kg, respectively.

In Gia Lai province, the Chu Prong district is trading at VND 121,400/kg, while Pleiku and La Grai are maintaining a price of VND 121,300/kg.

The purchasing price for coffee in Kon Tum today is VND 121,400/kg.

Domestic coffee prices today have surged, bringing this agricultural product closer to the VND 122,000/kg mark.

Thus, domestic coffee prices on 09/24/2024, are trading around VND 121,000 - 121,600/kg.

$ 1 = VND 24.420 - Source: Vietcombank.