Experts predict that on October 31, 2024, coffee prices in the domestic market will tend to decrease sharply due to pressure from the world market and concerns about supply due to storm No. 6 affecting Vietnam's coffee growing areas.
Coffee prices on both exchanges fell significantly on the closing day of trading positions. The latest factors pushing the market to reverse were the high and continuing strength of the US dollar. Concerns about supply were reduced as typhoon No. 6 had a negligible impact on Vietnam's coffee growing areas. Meanwhile, typhoon Kong-rey changed course towards Taiwan (China).
In addition, some other factors are still directly affecting the market such as the Brazilian Real falling against the USD, encouraging Brazilian producers to increase sales, creating downward pressure on prices.
The European Union’s temporary suspension of the EUDR has had a strong and direct impact on coffee prices on the market. The EUDR has been extended for another year, causing all coffee supplies that were being “held back” or racing ahead of the implementation deadline to “release less strongly”.
Recorded in the trading session on October 30, 2024, domestic coffee prices today increased sharply by 1,500 - 1,600 VND/kg, ranging from 110,000 - 110,700 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 110,400 VND/kg, the highest purchase price in Dak Nong province is 110,700 VND/kg.
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| Coffee price forecast for October 31, 2024: What is the reason for the simultaneous decrease in coffee prices? |
Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 110,500 VND, an increase of 1,500 VND/kg compared to yesterday, in Pleiku and La Grai the price is 110,400 VND/kg; In Kon Tum province, the price is 110,500 VND/kg, an increase of 1,500 VND/kg compared to yesterday; In Dak Nong province, coffee is purchased at the highest price of 110,700 VND/kg, an increase of 1,600 VND/kg compared to yesterday.
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 110,000 VND/kg, an increase of 1,500 VND/kg compared to yesterday.
Coffee prices today (October 30) in Dak Lak province; in Cu M'gar district, coffee is purchased at about 110,500 VND/kg, an increase of 1,500 VND/kg, while in Ea H'leo district and Buon Ho town, it is purchased at the same price of 110,400 VND/kg.
Updated world coffee prices at 20:00 on October 30, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for delivery in November 2024 on the London exchange was at 4,360 USD/ton, down 38 USD compared to the beginning of the trading session.
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| Coffee price today October 30, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com |
The January 2025 delivery term is 4,279 USD/ton, down 33 USD; the March 2025 delivery term is 4,218 USD/ton, down 26 USD and the May 2025 delivery term is 4,145 USD/ton, down 25 USD.
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| Arabica coffee prices on the New York floor on October 30, 2024. (Photo: Screenshot of giacaphe.com) |
In particular, the price of Arabica coffee on the New York floor today at 20:00 on October 30, 2024 decreased in all terms, fluctuating at 243.25 - 248.10 cents/lb.
Specifically, the December 2024 delivery period is 248.10 cents/lb; down 4.25 cents/lb compared to the beginning of the session. The March 2025 delivery period is 247.25 cents/lb, down 4.10 cents/lb; the May 2025 delivery period is 245.85 cents/lb, down 4.05 cents/lb and the July 2025 delivery period is 243.25 cents/lb, down 3.95 cents/lb.
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| Brazilian Arabica coffee price on October 30, 2024. (Photo: Screenshot of giacaphe.com) |
The price of Brazilian Arabica coffee today at 9:00 p.m. on October 30, 2024 decreased. Specifically, the delivery period for December 2024 is 300.60 USD/ton, down 0.32%; the delivery period for March 2025 is 299.50 USD/ton, down 0.78%; the delivery period for May 2025 is 301.00 USD/ton, down 1.75% and the delivery period for July 2025 is 297.45 USD/ton, down 1.73%.
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.
According to experts, the gloomy market phenomenon during the harvest season is due to many reasons, including the fact that coffee prices on the futures exchange fell too quickly (from October 1 to 25, they decreased by about 800 USD/ton). The rapid fall in coffee prices on the futures exchange has affected domestic coffee prices, so now no one can buy or sell anything on the market.
Information for reference only. Prices may vary by location.
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