Coffee prices on May 30, 2024 in the domestic market are forecast to continue to increase. The sharp increase in coffee prices in recent times has contributed to boosting sales in the spot market, according to information from the Ministry of Industry and Trade of Vietnam.
According to coffee exporting enterprises, although coffee prices have increased, farmers have run out of coffee, and all of this year's remaining stocks are in the warehouses of a few large enterprises. Therefore, growers can only hope that the current good prices can be maintained until the harvest in October.
The falling US dollar and continued tight shipping rates have helped coffee prices rise. The greenback officially posted its first monthly decline this year as investors focused on US, European and Japanese inflation data for guidance on the outlook for global interest rates. Unpredictable US economic data has dampened policymakers’ confidence in the outlook for interest rates in the near term.
Besides, according to market forecast, world coffee prices on May 30, 2024 on online trading floors are still anchored at a high level.
According to experts, the world coffee price forecast on online trading floors is on the rise as investors are increasingly concerned about the supply prospects from Brazil and Vietnam.
With concerns that excessive drought in Brazil and Vietnam in recent months will damage coffee crops and limit global production, Brazil’s Somar Meteorologia also reported that the Minas Gerais region in Brazil received 5.3 mm of rain last week, or 69% of the historical average for the same period.
In addition, domestic coffee prices today, May 29, 2024, domestic coffee prices continue to increase, an increase of about 500 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 116,900 VND/kg, the highest purchase price in Dak Nong province is 117,200 VND/kg.
Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is at 116,700 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 117,200 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 115,700 VND/kg.
Coffee prices today in Dak Lak province; in Cu M'gar district, coffee is purchased at about 116,600 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 116,700 VND/kg.
Similar to the increase in domestic coffee prices, today's online coffee prices of the three exchanges in London, New York and Brazil are still at extremely high prices.
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| London Robusta coffee price (Photo: Screenshot giacaphe.com) |
Updated world coffee prices at 20:40 on May 29, 2024, Vietnam time on the London exchange, Robusta coffee prices increased and decreased in different terms but still reached a record high, exceeding the threshold of 4,000 USD/ton, fluctuating at 3,780 - 4,145 USD/ton.
Specifically, the price of Robusta coffee futures for July 2024 delivery on the London floor was at 4,145 USD/ton, up 25 USD/ton compared to the beginning of the trading session. The delivery term for September 2024 was 4,027 USD/ton, up 2 USD; the delivery term for November 2024 was 3,894 USD/ton, down 21 USD and the delivery term for January 2025 was 3,780 USD/ton, down 30 USD compared to the beginning of the session.
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| New York Arabica coffee price (Photo: Screenshot giacaphe.com) |
Similarly, the price of Arabica coffee on the New York floor today at 20:40 on May 29, 2024 fluctuated insignificantly compared to the previous session, fluctuating at 231.00 - 227.15 cents/lb.
Specifically, the July 2024 delivery period is 231.00 cents/lb; up 0.05 cents/lb compared to the beginning of the session. The September 2024 delivery period is 229.85 cents/lb, up 0.05 cents/lb; the December 2024 delivery period is 228.45 cents/lb and the March 2025 delivery period is 227.15 cents/lb, down 0.30 cents/lb.
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| Brazilian Arabica coffee prices (Photo: Screenshot giacaphe.com) |
The price of Brazilian Arabica coffee at 20:20 on May 28, 2024 had a high increase in some trading terms, ranging from 276.70 - 290.05 USD/ton.
Specifically, the July 2024 delivery period is 290.05 USD/ton, up 16.80 USD. The September 2024 delivery period is 279.00 USD/ton, down 3.05 USD compared to the beginning of the trading session; the December 2024 delivery period is 276.25 USD/ton, down 3.60 USD and the March 2025 delivery period is 276.70 USD/ton, up 16.15 USD.
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 (New York floor) opens at 16:15 and closes at 01:30 (next day), Vietnam time.
For Arabica coffee traded on the B3 Brazil exchange, it will be open from 19:00 - 02:35 (next day), Vietnam time.
The latest COT report on traders’ positions from the New York Arabica coffee market shows that fund managers increased their net long positions slightly by 0.05% in the trading week to 21 May 2024, showing a net long position of 52,593 lots. Index traders also increased their net long positions by 0.63% to register a net long position of 48,147 lots.
The report also pointed out that non-commercial speculators increased their net long position by 3.43% during the same period, so after 2 weeks of liquidating positions, the market's main speculators returned to continue buying, causing the market to recapture the high price mark.
Source: https://congthuong.vn/du-bao-gia-ca-phe-ngay-3052024-gia-ca-phe-tang-vuot-dinh-323114.html
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