Coffee price forecast August 15, 2024: All prices plummet?

Coffee prices are forecast to increase again in the domestic market on August 15, 2024. According to data from the General Department of Customs, in July, Vietnam's coffee exports reached 76,982 tons, worth 381.2 million USD, down 29.3% in volume but up 23.8% in value compared to the same period last year.

In particular, the average coffee export price last month reached a record of 4,951 USD/ton, up 7.8% over the previous month and up 75.1% (equivalent to 2,123 USD/ton) over the same period in 2023.

In the first 7 months of this year, the export price of this agricultural product increased by 52.3% to an average of 3,682 USD/ton. As a result, although the export output decreased by 12.4% compared to the same period, the value still increased by 33.5%, reaching 979,353 tons, worth 3.6 billion USD.

With favorable price factors, the coffee industry is expected to bring in a record export turnover of 5 billion USD this year.

Regarding export markets, the European Union (EU) remained Vietnam’s largest coffee consumer in the first seven months of the year, accounting for 39% of total export volume with 381,699 tons, worth 1.37 billion USD. Although the volume of coffee exported to the EU decreased by 10.7%, the value increased by 39% compared to the same period last year.

Of which, exports to key markets such as Germany, Italy and Spain reached 121,500 tons, 91,082 tons and 71,734 tons respectively. Compared to the same period, the amount of coffee exported to Germany and Spain decreased by 11.6% and 14.5% respectively, while exports to Italy increased by 17.8%.

Coffee exports to several other major markets such as Japan, the US and Russia have decreased significantly compared to the same period last year.

However, exports to Asian markets recorded strong growth, with Indonesia up 50.4%; the Philippines up 63.7%; China up 27.2%; Thailand up 68.7%; and Malaysia up 61.7%.

In the domestic market, coffee prices were updated at 4:30 a.m. on August 14, 2024 as follows, according to www.giacaphe.com, domestic coffee prices decreased slightly compared to yesterday, ranging from 117,800 to 118,500 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 118,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 119,300 VND/kg.

Coffee price forecast August 15, 2024: All prices plummet

Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 118,300 VND, in Pleiku and La Grai the same price is 118,200 VND/kg; in Kon Tum province, coffee is purchased at 118,300 VND/kg; in Dak Nong province, coffee is purchased at the highest price of 118,500 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 117,800 VND/kg.

Coffee price today, August 14, in Dak Lak province was purchased at about 118,500 VND/kg; in Cu M'gar district, coffee was purchased at about 118,400 VND/kg, and in Ea H'leo district, Buon Ho town, it was purchased at the same price of 118,400 VND/kg.

Coffee price list today 8/14/2024

Updated world coffee prices at 20:30 on August 14, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for delivery in September 2024 on the London exchange was at 4,454 USD/ton, up 79 USD compared to the beginning of the trading session.

Coffee price today August 14, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com

The November 2024 delivery term is 4,271 USD/ton, up 84 USD; the January 2025 delivery term is 4,104 USD/ton, up 79 USD and the March 2025 delivery term is 3,953 USD/ton, up 71 USD.

Coffee price today August 14, 2024: 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 August 134, 2024 increased in all terms, fluctuating at 227.80 - 234.80 cents/lb.

Specifically, the September 2024 delivery period is 234.80 cents/lb; up 2.10 cents/lb compared to the beginning of the session. The December 2024 delivery period is 232.90 cents/lb, up 3.85 cents/lb; the March 2025 delivery period is 230.10 cents/lb, up 3.80 cents/lb and the May 2025 delivery period is 227.80 cents/lb, up 3.60 cents/lb.

Coffee price today August 14, 2024: Brazilian Arabica coffee price. (Photo: Screenshot giacaphe.com)

The price of Brazilian Arabica coffee today at 20:30 on August 14, 2024 increased and decreased in opposite directions. Specifically, the delivery period for September 2024 is 293.90 USD/ton, up 1.21%; the delivery period for December 2024 is 285.40 USD/ton, up 1.19%; the delivery period for March 2025 is 276.30 USD/ton, down 4.18% and the delivery period for May 2025 is 272.40 USD/ton, down 4.10%.

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 traders, the strong export rate of Robusta from Brazil helps to offset the shortage of supply from Vietnam. Cecafe said that Robusta coffee exports from Brazil in July 2024 increased sharply by 82.2% compared to the same period in 2023, reaching 900,000 bags (60kg).

Light and localized frosts in Brazil occurred mainly in the southern part of the country, with little impact on coffee and sugarcane growing areas, agronomists said.

The Brazilian Coffee Exporters Association, Cecafé, also reported that total green coffee exports in the first seven months of 2024 increased by 51.88% year-on-year to 25.83 million bags. Of these, 20.65 million bags were Arabica coffee, up 31.08%, and 5.18 million bags of Robusta Conilon coffee, up 313.7%, year-on-year.

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

Source: https://congthuong.vn/du-bao-gia-ca-phe-1582024-dong-loat-lao-doc-339068.html