Coffee prices on 10/22/2024: Global prices drop sharply

Coffee prices on October 22 globally

On the global market, both the London and New York exchanges experienced significant declines on October 22.

Specifically, Robusta prices on the London exchange for November 2024 delivery dropped by $ 125 (equivalent to 2.66%), reaching $ 4,577/ton. The January 2025 contract also fell sharply by $ 112D (equivalent to 2.43%), settling at 4,503 USD/ton.

Meanwhile, on the New York exchange, Arabica prices for December 2024 delivery decreased by 5.6 cents (equivalent to 2.18%), down to 251.70 cents/lb. The March 2025 contract dropped by 5.55 cents (equivalent to 2.17%), standing at 250.45 cents/lb.

Global coffee prices turned lower today due to the recovery of the USD and pressure from supply in Vietnam. Additionally, weather reports of rain in coffee-growing regions of Brazil have helped ease concerns over supply shortages.

October marks the beginning of Vietnam's new coffee harvest season, which is expected to last from October 2024 to September 2025. However, continuous rainfall in the Central Highlands provinces since last weekend has affected the harvesting progress.

According to Reuters, Vietnam’s coffee production for the 2024/25 season may drop by 5-10% compared to the previous season.

Thus, global coffee prices on 10/22/2024, have significantly decreased compared to the previous day.

Coffee prices on October 22 domestically

In Vietnam, the domestic coffee market saw a slight decline today compared to the previous day.

Specifically, in Lam Dong province, coffee is being traded at VND 111,000/kg in the districts of Di Linh, Bao Loc, and Lam Ha.

In Dak Lak, Cu M'gar district is purchasing coffee at VND 111,400/kg, while Ea H'leo and Buon Ho districts are trading at VND 111,300/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are buying at VND 111,600 and VND 111,500 /kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 111,500/kg, while Pleiku and La Grai are both at VND 111,400/kg.

In Kon Tum, the coffee purchase price today is VND 111,400/kg.

Domestic coffee prices today only slightly decreased by VND 200, keeping this agricultural product at the VND 111,000/kg level.

Thus, on 10/22/2024, domestic coffee prices are trading around the range of VND 111,000 - 111,600/kg.

$ 1 = VND 25.062 - Source: Vietcombank.