The rise in coffee prices has not stopped?

Coffee prices are forecast to continue to increase in the domestic market on September 7, 2024. According to the Ministry of Agriculture and Rural Development, in the first 8 months of 2024, Vietnam exported 1.05 million tons of coffee, earning 4.03 billion USD, down 11.9% in volume but up 36.1% in value.

Scarce supply has caused Vietnam's coffee export prices to rise to a record high of $3,805 per ton. Experts say that Vietnam's coffee export prices have increased to a record high in recent times due to the scarcity of global supply. Currently, major markets such as Europe, the US, Japan, Israel, China, etc. are increasing their purchases of this agricultural product, causing import prices to these markets to increase by about 30% compared to 2023.

Coffee price forecast September 7, 2024: Will the rise in coffee prices stop?

Domestic coffee prices were updated at 4:30 a.m. on September 6, 2024 as follows: The domestic coffee market today continued to increase by 2,100 - 2,200 VND/kg compared to the same time yesterday, in the range of 119,400 - 120,500. Currently, the average purchase price in the Central Highlands provinces is 120,100 VND/kg, the highest purchase price in Dak Nong province is 120,500 VND/kg.

Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 120,200 VND, in Pleiku and La Grai the same price is 120,100 VND/kg. In Kon Tum province, the price is 120,200 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 120,500 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 119,400 VND/kg.

Coffee prices today (September 6) in Dak Lak province; in Cu M'gar district, coffee is purchased at about 120,200 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at 120,100 VND/kg.

Updated world coffee prices at 8:30 p.m. on September 6, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for September 2024 delivery on the London exchange was at 4,868 USD/ton, down 43 USD compared to the beginning of the trading session.

Coffee price today September 6, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com

The November 2024 delivery term is 4,644 USD/ton, down 40 USD; the January 2025 delivery term is 4,453 USD/ton, down 46 USD and the March 2025 delivery term is 4,335 USD/ton, down 45 USD.

Coffee price today 9/6/24: New York Arabica coffee price (Photo: Screenshot giacaphe.com

In particular, the price of Arabica coffee on the New York floor today at 20:30 on September 6, 2024 decreased in all terms, fluctuating at 235.05-240.90 cents/lb.

Specifically, the December 2024 delivery period is 240.90 cents/lb; down 3.30 cents/lb compared to the beginning of the session. The March 2025 delivery period is 239.45 cents/lb, down 3.20 cents/lb; the May 2025 delivery period is 237.50 cents/lb, down 3.20 cents/lb and the July 2025 delivery period is 235.05 cents/lb, down 3.20 cents/lb.

Coffee price today September 6, 2024: Brazilian Arabica coffee price. (Photo: Screenshot giacaphe.com)

The price of Brazilian Arabica coffee today at 20:30 on September 6, 2024 increased and decreased in opposite directions. Specifically, the delivery period for September 2024 is 296.50 USD/ton, up 0.47%; the delivery period for December 2024 is 292.70 USD/ton, down 1.11%; the delivery period for March 2025 is 291.00 USD/ton, down 1.62% and the delivery period for May 2025 is 294.15 USD/ton, up 0.29%.

Robusta coffee traded on the ICE Futures Europe (London exchange) opens at 16:00 and closes at 00:30 (next day), Vietnam time.

Arabica coffee on the ICE Futures US floor (New York floor) opens at 16:15 and closes at 01:30 (next day), Vietnam time.

Vietnam’s new coffee harvest from October 2024 to September 2025 is approaching, but supply is unlikely to improve until the new crop begins to hit the market later this year.

Heavy rains occurred in some areas of the Central Highlands but did not cause damage to crops.

The dollar fell in a volatile session as investors braced for a U.S. payrolls report due on Friday that could shape the path of interest rate cuts from the Federal Reserve.

Robusta had a very good increase in the previous session. According to experts, the current crop of Robusta in Vietnam is very limited, the price resistance of the domestic market is slowing down sales and trading activities are still gloomy in the country.

Weather conditions were reported to be drier than normal historically as the rainy season began earlier this year. Now that the rains have continued on a seasonal basis, forecasters say good rains are expected to continue in the coming weeks into October.

*Information for reference only. Prices may vary depending on time and location.

Source: https://congthuong.vn/du-bao-gia-ca-phe-792024-da-tang-cua-gia-ca-phe-chua-dung-lai-343938.html