(VAN) Coffee prices on 09/14/2024 continue to rise sharply. Domestic coffee prices have increased by VND 1,000, reaching VND 122,600 – 123,100/kg.
Update on the latest coffee prices domestically and globally on 09/14/2024
Coffee prices on September 14 globally
Globally, both the London and New York exchanges saw significant increases on September 14.
On the London exchange, Robusta prices for November 2024 delivery rose by $ 190 (equivalent to 3.74%) to reach $ 5,267/ton. For January 2025 delivery, prices surged by $ 182 (equivalent to 3.78%) to $ 4,998/ton.
On the New York exchange, Arabica prices for December 2024 delivery increased by 10.05 cents (equivalent to 4.03%) to 259.45 cents/lb. For March 2025 delivery, prices rose by 9.6 cents (equivalent to 3.89%) to 256.60 cents/lb.
Latest Arabica and Robusta coffee prices on 09/14/2024
Today, global coffee prices continue to rise. Arabica prices have surged due to support from a weakening USD, while Robusta prices continue to reach historical highs.
As of the survey, the DXY index, which measures fluctuations of the greenback against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), is at 101.11.
In the September global economic outlook report, Fitch forecasts that the Fed will cut rates by 25 basis points in the meetings in September and December, followed by a 125 basis point cut in 2025 and 75 basis points in 2026.
The USD declined in the previous trading session after new data again fueled speculation that the Fed might announce a 50 basis point rate cut at next week’s policy meeting.
In Brazil, the weather situation is also severe. According to the Cemaden Disaster Monitoring Center, the country is facing unprecedented drought (since 1981). The Minas Gerais region has not experienced rainfall in the past week.
Thus, global coffee prices on 09/14/2024, have risen significantly compared to yesterday.
Coffee prices on September 14 domestically
In the domestic market, coffee prices have increased by VND 1,000 compared to yesterday.
Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 122,600/kg.
In Dak Lak, the Cư M’gar district is purchasing at VND 123,100/kg, while the Ea H’leo and Buon Ho districts are trading at VND 123,000/kg.
In Dak Nong province, traders in Gia Nghia and Dak R’lap are trading at VND 123,100 and VND 123,000/kg, respectively.
In Gia Lai province, the Chư Prong district is trading at VND 123,000/kg, while the Pleiku and La Grai districts are maintaining VND 123,000/kg.
In Kon Tum, the purchase price today is VND 123,000/kg.
Domestic coffee prices continue to rise sharply today. The continuous upward trend has allowed this agricultural product to easily reach the level of VND 123,000/kg.
According to information from the Agency of Foreign Trade (Ministry of Industry and Trade), coffee production for the 2024/25 crop year in Vietnam is expected to decrease significantly, reaching the lowest level in 13 years.
A report from the General Department of Customs of Vietnam shows that coffee exports from Vietnam in the first 8 months of the year reached 1.05 million tons, with a revenue of over $ 4 billion. This represents a 12.1% decrease in volume but a 35.6% increase in value compared to the same period last year.
Thus, domestic coffee prices on 09/14/2024, are trading around VND 122,600 – 123,100/kg.
$ 1 = VND 24.360 – Source: Vietcombank.
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