Coffee prices on 10/23/2024: Second consecutive day of decline

Coffee prices on October 23 globally

Globally, both the London and New York exchanges continued to see significant declines on October 23.

On the London exchange, Robusta for November 2024 delivery dropped by 90 USD (equivalent to 1.97%) to settle at $ 4,487/ton. The January 2025 contract also saw a sharp decrease of $ 78 (equivalent to 1.73%) to reach $ 4,425/ton.

Meanwhile, on the New York exchange, Arabica for December 2024 delivery fell by 1.85 cents (equivalent to 0.74%), closing at 249.85 cents/lb. The March 2025 contract decreased by 1.7 cents (equivalent to 0.68%) to 248.75 cents/lb.

Global coffee prices continued to decline today, driven by speculative manipulation on the trading exchanges. At one point, Robusta prices surged by over $ 90/ton, but as it was the day for closing business positions, heavy selling by speculators at the peak caused both exchanges to fall, ending in negative territory.

In addition, the strong USD and favourable weather in Brazil contributed to the market's decline. Coffee prices are also under pressure from the new harvest supply in Vietnam.

As of the survey, the DXY index, which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 104.07.

The USD remains high as the market expects the Fed to adjust its rate cut schedule. Meanwhile, investors are closely watching the upcoming U.S. Presidential election.

Thus, global coffee prices on 10/23/2024, have decreased compared to yesterday.

Coffee prices on October 23 domestically

In Vietnam, the domestic coffee market continued to decline slightly compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are all trading at VND 110,700/kg.

In Dak Lak, Cu M'gar district is buying coffee at VND 111,100/kg, while Ea H'leo and Buon Ho districts are trading at VND 111,000/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 111,300/kg and VND 111,200/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 111,100/kg, while Pleiku and La Grai districts are holding steady at VND 111,000/kg.

In Kon Tum province, the coffee purchase price today is VND 111,100/kg.

Domestic coffee prices continued to fall by another VND 300 today, bringing the price of coffee down to around VND 110,000/kg.

Thus, domestic coffee prices on 10/23/2024, are trading within the range of VND 110,700 - 111,300/kg.

$ 1 = VND 25.190 - Source: Vietcombank.