(VAN) Coffee prices on 08/16/2024, have surged both domestically and globally. Domestic prices have increased by VND 1,600, reaching VND 118,500 – 119,000/kg.
Latest domestic and global coffee prices on 08/16/2024
Coffee prices on August 16 globally
Globally, the London and New York exchanges continued to see significant increases on August 16.
On the London exchange, Robusta prices for September 2024 delivery surged by $ 99, reaching $ 4,571/ton. The November 2024 delivery contract also saw a substantial increase of $ 86, settling at $ 4,378/ton.
On the New York exchange, Arabica prices for September 2024 delivery rose by 2.9 cents, reaching 239.90 cents/lb, while the December 2024 contract increased by 3.4 cents, closing at 238.05 cents/lb.
Latest Arabica and Robusta prices on 08/16/2024
Global coffee prices continued to rise for the second consecutive session today. Experts attribute this trend to the market’s excitement over the news of decreasing inflation in the U.S.
Additionally, the appreciation of Brazil’s domestic currency has supported the recent continuous rise in Arabica prices on the New York exchange.
Moreover, funds and speculators are shifting capital from grain markets to agricultural commodities, benefiting coffee. The lingering effects of the two coldest days since the start of winter in Brazil are also being leveraged to push prices higher.
The global coffee market is now facing a critical juncture, with forecasts suggesting that prices will remain high. The key factors contributing to sustained high prices include limited supply and changing consumption patterns, particularly in Asia.
Some analyses predict that coffee prices in supermarkets could rise by up to 30% by 2025. The interaction between supply shortages and increasing demand is creating a perfect storm that is driving agricultural commodity prices higher.
Thus, global coffee prices on 08/16/2024 continued their upward trend compared to yesterday.
Coffee prices on August 16 domestically
In the domestic market, coffee prices saw a significant increase of up to VND 1,600 compared to yesterday.
In Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 118,500/kg.
In Dak Lak province, Cu M’gar district is buying at VND 119,000/kg today, while Ea H’leo and Buon Ho districts are trading at VND 118,900/kg.
In Dak Nong province, traders in Gia Nghia and Dak R’lap are trading at VND 118,900 and VND 118,800/kg, respectively.
In Gia Lai province, Chu Prong district is trading coffee at VND 118,800/kg, while Pleiku and La Grai are maintaining a price of VND 118,700/kg.
In Kon Tum, the purchase price today is VND 118,800/kg.
Domestic coffee prices today continue their strong upward trend, pushing this agricultural commodity back to the VND 119,000/kg level.
Thus, domestic coffee prices on 08/16/2024, are trading around VND 118,500 – 119,000/kg.
$ 1 = VND 24.860 – Source: Vietcombank.
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