(VAN) Coffee prices on 07/21/2024, remain in the range of VND 126,000 – 126,600/kg. The domestic coffee market saw a sharp decline, losing up to VND 2,000.
Update on coffee prices in domestic and global markets on 07/21/2024
Coffee prices on July 21 globally
Globally, coffee prices on July 21 are stable across both London and New York exchanges.
On the London market, Robusta prices for September 2024 delivery remain at $ 4,530/ton, while the November 2024 contract stays at $ 4,355/ton.
On the New York market, Arabica prices for September 2024 delivery are at 238.20 cents/lb, and the December 2024 contract remains at 238.20 cents/lb.
Latest Arabica and Robusta coffee prices for 07/21/2024
Global coffee prices today show no new changes. For the week, both London and New York exchanges experienced significant declines, with Robusta for the September delivery falling by $ 87/ton and Arabica dropping by 10.55 cents/lb.
This week’s decline in coffee prices was anticipated following two weeks of strong increases. On the exchanges, funds and speculators are rebalancing their commodity portfolios. Additionally, the recovery of the USD and favourable harvest conditions in Brazil are putting pressure on the market.
According to ICO, global coffee exports in May reached 11.8 million bags, up 9.8% compared to the same period last year, marking the eighth consecutive month of growth since the beginning of the coffee year. For the first eight months of the 2023/24 coffee year (October 2023 to May 2024), global coffee exports totalled 92.7 million bags, an increase of 10.9% or 9.1 million bags compared to the same period of the previous coffee year.
In June, both Robusta and Arabica prices on the global market saw significant declines compared to the end of May. This was due to Brazil’s real falling to its lowest level in 19 months against the USD, encouraging producers to sell more.
The adjustment of Robusta prices in June led to a decrease in the average price for Q2 2024. However, this is considered a temporary decline, and the market is expected to recover quickly as supply remains limited, especially in Vietnam.
Thus, global coffee prices on 07/21/2024, are stable compared to the previous day.
Coffee prices on July 21 domestically
In the domestic market, coffee prices today show no new changes compared to yesterday.
Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 126,000/kg.
In Dak Lak, the Cu M’gar district is buying at VND 126,600/kg, while the Ea H’leo and Buon Ho districts are trading at VND 126,500/kg.
In Dak Nong province, traders in Gia Nghia and Dak R’lap are trading at VND 126,600 and VND 126,500/kg, respectively.
In Gia Lai province, Chu Prong district is trading at VND 126,500/kg, while Pleiku and La Grai are holding steady at VND 126,400/kg.
In Kon Tum, the buying price today is VND 126,500/kg.
Today, domestic coffee prices are stable, with the highest price reaching VND 126,600/kg. Meanwhile, domestic pepper prices continue to decrease by an additional VND 1,000, falling to VND 146,000/kg. For the week, domestic coffee prices have seen a significant decline of VND 2,000.
By the end of the first nine months of the 2023/24 coffee year (from October 2023 to June 2024), Vietnam has exported nearly 1.26 million tons of coffee, equivalent to 86% of the current coffee year’s production of approximately 1.47 million tons, and down more than 11% compared to the same period of the previous coffee year.
If excluding inventory carried over from last year, Vietnam has only about 210,000 tons of coffee left to export over the next four months until the new harvest begins in November. This situation could lead to a potential increase in coffee prices, although export volumes may decrease significantly in the coming months.
The target for 2030 is for Vietnam’s coffee export revenue to reach $ 6 billion. The growth in coffee export types is not only reflected in volume but also in value. Specifically, Robusta coffee has achieved nearly $ 1.9 billion, Arabica over $ 56 million, and decaffeinated coffee nearly $ 3.2 million.
Thus, domestic coffee prices on 07/21/2024, are trading around VND 126,000 – 126,600/kg.
$ 1 = VND 25.128 – Source: Vietcombank.
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