(VAN) Coffee prices on 07/29/2024, are stable both domestically and globally. Currently, the domestic coffee market is trading around VND 123,600 – 124,000/kg.
Update on coffee prices in the domestic and global markets on 07/29/2024
Coffee prices on July 29 globally
Globally, both London and New York exchanges remained stable on July 29.
On the London exchange, Robusta prices for September 2024 delivery decreased by $ 93 to $ 4,302/ton. Prices for November 2024 delivery fell significantly by $ 92 to $ 4,150/ton.
On the New York exchange, Arabica prices for September 2024 delivery dropped sharply by 4.45 cents to 230.25 cents/lb. Prices for December 2024 delivery decreased by 4.4 cents to 229.15 cents/lb.
Latest Arabica and Robusta coffee prices on 07/29/2024
Global coffee prices remained stable today. Last week, both exchanges experienced significant declines, with Robusta and Arabica futures for September dropping by 228 USD and 8.05 cents, respectively.
Brazilian Arabica is currently driving global green coffee trade growth, with exports increasing by 56.1% in May and 24.8% over the first eight months of the 2023/24 season, reaching over 29 million bags. Brazil alone exported 3.1 million bags of Arabica in May, up 59.2% from the same period last year.
Colombian Arabica exports also rose by 10% in May and 10.6% over the first eight months of the current season, totalling 8.1 million bags. Colombia exported 0.9 million bags in May and over 7.8 million bags in the first eight months of the 2023/24 season, marking increases of 10.6% and 9.4%, respectively, compared to the same period last season.
Colombia’s coffee production for the 2023/24 season is estimated to rise by 18% from the previous season, reaching 12.5 million bags. Favorable weather conditions have positively impacted production and boosted exports.
Thus, global coffee prices on 07/29/2024, have not shown any new fluctuations compared to yesterday.
Coffee prices on July 29 domestically
Coffee prices remained stable today compared to yesterday.
In Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at 123,400 VND/kg.
In Dak Lak, the Cư M’gar district is buying at VND 123,800/kg, while the Ea H’leo and Buon Ho districts are trading at VND 123,700/kg.
In Dak Nong province, traders in Gia Nghia and Dak R’lap are trading at VND 124,000 and VND 123,900/kg, respectively.
In Gia Lai province, the Chu Prong district is trading at VND 123,700/kg, while the Pleiku and La Grai districts are holding at VND 123,600/kg.
In Kon Tum, the buying price today is VND 123,700/kg.
Domestic coffee prices today remain stable, with the highest price at VND 124,000/kg. Over the past week, the domestic coffee market has seen a significant drop of an additional VND 2,500.
According to data from the General Department of Customs, Vietnam’s coffee exports to the United Kingdom in June 2024 reached 2,180 tons, valued at $ 9.1 million, which is an increase of 24.4% in volume and 15.1% in value compared to May. However, compared to June 2023, coffee exports to this country decreased by 44.6% in volume and 17.5% in value.
In the first half of 2024, Vietnam exported 16,540 tons of coffee to the United Kingdom, worth $ 65.2 million; this represents a 22.8% decrease in volume but a 29.9% increase in value compared to the same period last year.
In June 2024, the average export price of Vietnamese coffee to the United Kingdom was $ 4,174/ton; a decrease of 7.5% from May but an increase of 49.0% compared to June 2023. For the first half of 2024, the average export price of this commodity was $ 3,941/ton, up 68.4% from the same period last year.
Thus, domestic coffee prices on 07/29/2024, are trading around VND 123,600 – 124,000/kg.
$ 1 = VND 25.094 – Source: Vietcombank
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