Coffee prices on 10/03/2024: Global Robusta prices drop sharply

Global coffee prices on October 3

In the global markets, both the London and New York exchanges continued to see sharp declines on October 3.

Specifically, Robusta prices on the London exchange for November 2024 delivery fell by $ 334 (equivalent to 6.13%), reaching $ 5,111/ton. The January 2025 contract dropped significantly by $ 317 (equivalent to 6.12%), standing at $ 4,862/ton.

Meanwhile, on the New York exchange, Arabica prices for December 2024 delivery decreased by another 7.65 cents (equivalent to 2.9%), down to 256.50 cents/lb. The March 2025 contract also fell sharply by 7.4 cents (equivalent to 2.82%), to 254.75 cents/lb.

Global coffee prices today saw a sharp decline due to the strengthening of the USD and issues related to the EU Deforestation Regulation (EUDR).

The DXY index, which measures the fluctuation of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose to 101.76—the highest in three weeks against the EUR. This movement followed the ADP National Employment Report, which showed that U.S. private payrolls increased more than expected in September.

Markets are closely monitoring geopolitical tensions a day after Iran attacked Israeli territory, raising concerns that the oil-producing Middle East region could be dragged into a larger conflict.

Additionally, the EU recently amended a clause in the EUDR. The regulation allows coffee in certified warehouses to continue circulation even without deforestation certification to meet consumption demand in European countries.

This news abruptly halted the price surge of coffee, especially Robusta, causing an unexpected market shift in the recent session.

Thus, global coffee prices on 10/03/2024, have rebounded compared to the previous day.

Coffee prices on October 3 domestically

Domestically, the coffee market today saw a slight decrease of VND 400 compared to yesterday.

Specifically, in Lam Dong province, three districts—Di Linh, Bao Loc, and Lam Ha—are trading at VND 120,700/kg.

In Dak Lak, Cu M'gar district is currently purchasing at VND 121,700/kg, while Ea H'leo and Buon Ho districts are trading at VND 121,600/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are transacting at VND 120,800 and VND 120,700/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 120,700/kg, while Pleiku and La Grai are holding steady at VND 120,600/kg.

Lastly, in Kon Tum, today's purchase price is VND 120,700/kg.

The domestic coffee prices today continued to decline, with the highest level standing at VND 121,700/kg.

Thus, on 10/03/02024, the domestic coffee market is trading around the range of VND 120,700 - 121,700/kg.

$ 1 = VND 24.550 - Source: Vietcombank