(VAN) Coffee prices on 06/11/2024, have decreased. Domestic coffee prices have dropped by VND 800, reaching the range of VND 122,200 – 123,400/kg.
Latest domestic and global coffee prices on 06/11/2024
Coffee prices on June 11 globally
On the global market, coffee prices on both the London and New York exchanges continued to decline on June 11.
Specifically, Robusta prices on the London exchange for July 2024 delivery decreased by $ 39, reaching $ 4,236 /ton. The September 2024 delivery dropped by $ 46, settling at $ 4,082/ton.
Meanwhile, on the New York exchange, Arabica prices for July 2024 delivery fell sharply by 3.4 cents, dropping to 221.40 cents/lb. The September 2024 delivery decreased by 2.9 cents, reaching 222 cents/lb.
Latest Arabica and Robusta Prices on 06/11/2024
Global coffee prices dropped significantly today due to the strengthening of the USD. As of the survey time, the DXY index, which measures the USD’s volatility against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), reached 105.09.
In a recent report, the Agency of Foreign Trade forecasted that coffee prices would rebound, primarily due to increasing investor concerns about the supply outlook from Vietnam.
Hedge funds have increased their net buying positions, predicting that the supply of Robusta from Vietnam will remain scarce in the near future. According to trader Volcafe, Vietnam’s Robusta production for the 2024/25 season is estimated at 24 million bags, the lowest in 13 years, due to unfavourable weather conditions.
In May, domestic Robusta prices fell sharply compared to the end of April. Similarly, global prices for both Robusta and Arabica decreased compared to late April due to forecasts of increased coffee production in Brazil.
Information from Cooxupee indicates that Brazil’s coffee harvest from May to July will increase by about 13%, with exports expected to rise by approximately 22.22% compared to the same period last year. Meanwhile, Conab, Brazil’s National Supply Company, has adjusted its 2024 coffee production estimate to 58.8 million bags, up from the January forecast of 58.1 million bags.
Brazil is projected to harvest 42.11 million bags of Arabica and 16.71 million bags of Robusta. The average yield of Arabica and Robusta this season in Brazil is also expected to increase by nearly 6% compared to last year.
Thus, global coffee prices on 06/11/2024 saw a decline compared to yesterday.
Coffee prices on June 11 domestically
In the domestic market, coffee prices today, June 11, turned downward compared to yesterday.
Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are all trading at VND 122,200/kg.
In Dak Lak, Cu M’gar district is purchasing at VND 123,200/kg today. In Ea H’leo and Buon Ho districts, coffee is trading at VND 123,100/kg.
In Dak Nong province, traders in Gia Nghia and Dak R’lap are trading at VND 123,400/kg and VND 123,300/kg, respectively.
In Gia Lai province, Chu Prong district is trading coffee at VND 123,200/kg, while Pleiku and Ia Grai districts are maintaining the price at VND 123,100/kg.
The purchase price in Kon Tum today is VND 123,200/kg.
Domestic coffee prices today have reversed, dropping by up to VND 800, after a strong increase yesterday. Currently, this agricultural product is still hovering above the price level of VND 123,000/kg.
Thus, domestic coffee prices on 06/11/2024, are trading around the range of VND 122,200 – 123,400/kg.
$ 1 = VND 25.192 – Source: Vietcombank
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