Coffee prices on 10/08/2024: Robusta continues to plummet

Global coffee prices on October 18 On the global markets, both the London and New York exchanges saw a simultaneous decline on October 18.

Robusta prices on the London exchange for November 2024 delivery plunged by $ 174 (equivalent to 3.58%), settling at $ 4,685/ton. Meanwhile, the January 2025 contract dropped sharply by $ 154 (equivalent to 3.24%), reaching $ 4,598/ton.

On the New York exchange, Arabica for December 2024 delivery fell by 2.85 cents (equivalent to 1.1%), down to 255.15 cents/lb. The March 2025 contract also saw a significant decrease of 2.8 cents (equivalent to 1.09%), settling at 253.85 cents/lb.

Global coffee prices today On October 18, global coffee prices dropped sharply, negatively impacted by the strengthening USD and increasing supply.

The USD has surged to a more-than-two-month high, while Brazil's local currency has weakened. As of the survey, the DXY index, which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stands at 103.74.

Additionally, Vietnam's upcoming harvest is putting downward pressure on the market as a large quantity of coffee is about to enter circulation. Furthermore, rain in Brazil's coffee-growing regions has eased concerns about future supply.

Moreover, the news that the European Commission might officially delay the implementation of the law banning the import of agricultural products linked to deforestation into the EU (EUDR) by one year today has significantly impacted Robusta prices, causing even steeper declines.

Thus, global coffee prices on 10/18/2024, dropped sharply compared to yesterday.

Coffee prices on October 18 domestically

In the domestic market, coffee prices today fell by VND 1,000 compared to yesterday.

Specifically, in Lam Dong province, coffee is being traded at VND 111,700/kg in the Di Linh, Bao Loc, and Lam Ha districts.

In Dak Lak province, Cu M'gar district is purchasing coffee at VND 112,100/kg today, while Ea H'leo and Buon Ho districts are trading at VND 112,000/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are conducting transactions at VND 112,300/kg and VND 112,200/kg, respectively.

In Gia Lai province, Chu Prong district is trading coffee at VND 112,200/kg, while Pleiku and La Grai are maintaining prices at VND 112,100/kg.

Finally, in Kon Tum, coffee is being purchased at VND 112,100/kg today.

Domestic coffee prices today continued to decline sharply, raising concerns that this agricultural product may not be able to maintain the VND 112,000/kg threshold.

Thus 10/18/2024, domestic coffee prices are trading around VND 111,700 - 112,300/kg.

$ 1 = VND 25.010 - Source: Vietcombank.