(VAN) Coffee prices on 08/14/2024 have dropped significantly. Domestic coffee prices decreased by nearly VND 3,000, ranging from VND 118,000 to VND 118,500/kg.
Latest update on coffee prices on 08/14/2024
Coffee prices on August 14 globally
On August 14, global coffee prices on the London and New York exchanges experienced a downturn.
On the London exchange, Robusta prices for September 2024 delivery dropped significantly by $ 157, reaching $ 4,375t/on. The November 2024 delivery also saw a substantial decrease of $ 172, settling at $ 4,187/ton.
On the New York exchange, Arabica prices for September 2024 delivery fell by 8.15 cents, reaching 232.70 cents/lb. The December 2024 delivery saw a decrease of 9.5 cents, now priced at 229.05 cents/lb.
Latest Arabica and Robusta prices on 08/14/2024
Global coffee prices have decreased across the board today, as the market adjusts ahead of the upcoming US inflation report.
Experts indicate that speculators are hesitant to push prices up significantly before the US inflation data is released this Wednesday. As a result, coffee prices have corrected after earlier gains. Concerns about frost in Brazil had previously driven Robusta prices to their highest level in nearly four weeks.
According to the ICO, Brazil, which supplies 40% of the world’s coffee, suffered a 20% crop loss in 2021 due to a combination of frost and drought. Indonesia also reported a 20% decline in Robusta production last year due to El Niño, a weather phenomenon that has only shown signs of easing this year.
Thus, global coffee prices on 08/14/2024, have seen a significant drop compared to yesterday.
Coffee prices on August 14 domestically
Domestically, coffee prices have decreased by up to VND 2,900 today compared to the previous day.
Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 118,000/kg.
In Dak Lak province, Cu M’gar district is purchasing at VND 118,500/kg, while Ea H’leo and Buon Ho districts are trading at VND 118,400/kg.
In Dak Nong province, traders in Gia Nghia and Dak R’lap are buying at VND 118,500/kg and VND 118,400/kg, respectively.
In Gia Lai province, Chu Prong district is trading at VND 118,300/kg, while Pleiku and La Grai are holding steady at VND 118,200/kg.
In Kon Tum province, the purchase price today is VND 118,200/kg.
Today, domestic coffee prices have sharply decreased, falling to around VND 118,000/kg.
According to data from the General Department of Customs, in July, Vietnam’s coffee exports reached 76,982 tons, valued at $ 381.2 million. This represents a 29.3% decrease in volume but a 23.8% increase in value compared to the same period last year.
Notably, the average export price of coffee in the past month reached a record high of $ 4,951/ton, up 7.8% from the previous month and up 75.1% ($ 2,123/ton) compared to July 2023.
For the first seven months of this year, the average export price of coffee has increased by 52.3% to $ 3,682/ton. As a result, despite a 12.4% decrease in export volume compared to the same period last year, the total value has risen by 33.5%, reaching 979,353 tons valued at $ 3.6 billion.
With favourable price factors, the coffee sector is expected to achieve a record export revenue of $ 5 billion this year.
The European Union (EU) remains the largest market for Vietnamese coffee in the first seven months of the year, accounting for 39% of the total export volume with 381,699 tons valued at $ 1.37 billion. Although coffee exports to the EU have decreased by 10.7% in volume, the value has increased by 39% compared to the same period last year.
Exports to major markets such as Germany, Italy, and Spain reached 121,500 tons, 91,082 tons, and 71,734 tons, respectively. Compared to the same period last year, exports to Germany and Spain have decreased by 11.6% and 14.5%, respectively, while exports to Italy have increased by 17.8%.
Exports to other major markets such as Japan, the US, and Russia have significantly declined compared to last year.
However, exports to several Asian markets have shown strong growth, with increases of 50.4% to Indonesia, 63.7% to the Philippines, 27.2% to China, 68.7% to Thailand, and 61.7% to Malaysia.
Thus, on 08/14/2024, domestic coffee prices are trading around VND 118,000 – 118,500/kg.
$ 1 = VND 24.850 – Source: Vietcombank.
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