(VAN) Coffee prices on 10/16/2024 globally have sharply decreased. Domestic coffee prices dropped by VND 800, trading around VND 113,300 – 113,900/kg.
Latest coffee prices domestically and globally on 10/16/2024
Coffee prices on October 16 globally
On the global market, both the London and New York exchanges saw significant declines today.
Specifically, the price of Robusta on the London exchange for November 2024 delivery dropped by $ 65 (equivalent to 1.21%), reaching $ 4,909/ton. Meanwhile, the January 2025 contract fell sharply by $ 65 (equivalent to 1.34%), settling at $ 4,778/ton.
On the New York exchange, the price of Arabica for December 2024 delivery decreased by 5.35 cents (equivalent to 2.04%), down to 256.70 cents/lb. The March 2025 contract also fell by 5.05 cents (equivalent to 1.94%), now at 255.50 cents/lb.
Latest Arabica and Robusta prices on 10/16/2024
Global coffee prices today have experienced a notable decline, influenced by the high valuation of the USD. As of the survey time, the DXY index, which measures the dollar’s performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stands at 103.22.
The USD has risen to its highest level in over two months, amid expectations that the Federal Reserve will gradually initiate interest rate cuts over the next year.
The International Coffee Organization (ICO) reported that global green coffee exports in August 2024 increased by 8.8% compared to the same period last year, with a 10.5% rise in the first 11 months of the 2023/24 coffee year. This information has also contributed to the downward price movement of coffee.
Thus, global coffee prices on 10/16/2024, have decreased across the board compared to yesterday.
Coffee prices on October 16 domestically
In the domestic market, coffee prices today have dropped by VND 800 compared to yesterday.
Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 113,300kg.
In Dak Lak, the Cu M’gar district is currently buying at VND 113,700/kg, while the Ea H’leo and Buon Ho districts are trading at VND 113,600/kg.
In Dak Nong province, traders in Gia Nghia and Dak R’lap are trading at VND 113,900 and VND 113,800/kg, respectively.
In Gia Lai province, Chu Prong district is trading at VND 113,800/kg, while Pleiku and La Grai are maintaining prices at VND 113,700/kg.
In Kon Tum province, the coffee purchase price today stands at VND 113,700/kg.
Domestic coffee prices today have sharply declined after a previous increase, causing this agricultural product to fall below the VND 114,000/kg mark.
Thus, as of October 16, 2024, domestic coffee is trading in the range of VND 113,300 – 113,900/kg.
$ 1 = VND 24.780 – Source: Vietcombank.
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