At the end of two working days (November 13-14), the European Parliament (EP) voted to issue a final decision, supporting the delay and amendment of the application of the EUDR to give businesses more time to prepare for compliance.
Coffee price today 11/15/2024
World coffee prices have increased sharply for many consecutive days this week. Coffee prices increased to 3 digits in the last session of this week, robusta is heading straight for the 5,000 USD/ton mark, arabica simultaneously surpassed the 6,000 USD/ton mark.
Domestic coffee prices continued to increase sharply by VND2,700 - 2,800/kg, with trading prices quite high at VND113,500 - 114,000/kg. In Vietnam, recent bad weather has slowed down harvesting activities, although this is the peak period of the new crop.
Meanwhile, in Brazil, producers are holding back coffee in hopes of higher prices. These optimistic expectations are fueled by uncertain prospects for the 2024-25 crop, which has been significantly affected by months of drought. In addition, forecasts for continued hot and dry weather in Minas Gerais, Brazil’s largest arabica-producing region, are also helping to push up arabica prices.
Meanwhile, the current focus of the coffee market remains the EU Deforestation Regulation (EUDR). The European Commission’s proposal to postpone 12 anti-deforestation legislation implementations was presented to the EP during its session on 13-14 November. Accordingly, the EP agreed to postpone implementation for 12 months with 371 votes in favor, 240 votes against and 30 abstentions. The EP also voted in favor of a number of other amendments.
The approved amendments – proposed by the EP's centre-right European People's Party (EPP) – include the creation of a new category of "zero risk" countries for deforestation, in addition to the three existing categories of "low", "medium" and "high" risk. Countries classified as "zero risk", defined as those with "stable or increasing forest cover", would therefore face "significantly less stringent" requirements because "deforestation risks are negligible or non-existent", according to an EP statement.
However, despite consensus that extending the implementation period was the only significant change, the EPP – the largest group in the EP – has proposed a series of amendments ahead of the final vote that could significantly weaken the law. The EPP has submitted 15 amendments, including extending the delay to two years, introducing a new category of “risk-free” countries and exempting traders from most reporting obligations.
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| Domestic coffee prices on November 15 increased by VND2,700 - 2,800/kg in some key purchasing localities. (Source: Premiumwishes) |
According to World & Vietnam , at the end of the trading session on November 14, the price of robusta coffee on the ICE Futures Europe London continued to increase sharply, the delivery term for January 2025 increased by 145 USD, trading at 4,777 USD/ton. The delivery term for March 2025 increased by 143 USD, trading at 4,695 USD/ton. Trading volume was low.
Arabica coffee prices on the ICE Futures US New York exchange increased sharply, with the December 2024 delivery term up 7.3 cents, trading at 278.95 cents/lb. Meanwhile, the March 2025 delivery term increased 8.2 cents, trading at 279.40 cents/lb. Trading volume was high.
Domestic coffee prices on November 15 increased by VND2,700 - 2,800/kg in some key purchasing localities. Unit: VND/kg
(Source: giacaphe.com) |
Immediately after the EP’s ruling, the World Wildlife Fund (WWF) called on EC President von der Leyen to withdraw her proposal to delay the implementation of the EUDR. They asserted that this was the only responsible action that would allow the EUDR to fulfill its purpose and protect the world’s forests from exploitation.
In a statement, the WWP made several criticisms and warned that, by introducing a list of “risk-free” countries, the EP had voted to allow further deforestation both within and outside Europe.
“This move undermines the efforts of forward-thinking companies that have invested in deforestation-free supply chains to comply with the EUDR requirements in time for implementation by 30 December 2024.
More than 50 companies have warned that such a weakening would jeopardize their investments, disrupt compliance efforts, undermine much-needed regulatory certainty, fail to level the playing field, and ultimately jeopardize their ability to compete,” the WWF statement said.
In fact, many commentators have suggested that if the EUDR remains in place as originally proposed from December 30, 2024, there is a high likelihood that there will be a significant shortage of goods for the EU market, especially from major producing countries such as Brazil and Indonesia.
But while many people want to delay the regulation for another 12 months, many Vietnamese businesses said that some European importers have invested resources and are ready to implement the EUDR, and they also encourage Vietnamese businesses to actively implement this regulation.
Currently, some coffee trade contracts between Vietnamese enterprises and European partners include certificates of origin unrelated to deforestation.
Source: https://baoquocte.vn/gia-ca-phe-hom-nay-15112024-gia-ca-phe-dong-loat-tang-vot-lien-tiep-robusta-thang-moc-5000-usd-da-co-phan-quyet-ve-eudr-dieu-gi-dang-xay-ra-293794.html
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