Coffee prices on May 22, 2024 in the domestic market are forecast to continue to increase because the coffee market has many positive supporting factors. Source of goods, some export manufacturers said that for more than a week they have not purchased goods, causing production capacity to decrease sharply by 30-70%.
In addition, according to Citi, the world coffee price market on online trading floors has the prospect of increasing in both the short and medium term. Unfavorable weather conditions and expectations of continued demand are important factors that can keep coffee prices high and create opportunities for continued record increases.
Many factors play a role in this prediction, including weather conditions in major coffee-producing regions, supply and demand in the international market, as well as global economic and political factors that can affect prices and create opportunities or challenges for coffee producers and consumers.
Domestic coffee prices today, May 21, 2024, are still on the rise, with a slight increase of 100 - 400 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 104,000 VND/kg, the highest purchase price in Dak Nong province is 104,200 VND/kg.
Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is at 103,800 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 104,200 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 103,500 VND/kg.
Coffee prices today, May 21, in Dak Lak province; in Cu M'gar district, coffee is purchased at about 103,900 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 104,000 VND/kg.
In addition, today's online coffee prices of the three coffee exchanges continued to soar. Updated world coffee prices at 20:10 on May 21, 2024, Vietnam time on the London exchange, Robusta coffee prices continued to peak, fluctuating at 3391 - 3625 USD/ton.
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| London Robusta coffee price (Photo: Screenshot giacaphe.com) |
Specifically, the price of Robusta coffee futures contract for July 2024 delivery on the London floor was at 3,625 USD/ton, up 126 USD/ton. The delivery term for September 2024 was 3,565 USD/ton, up 129 USD/ton; the delivery term for November 2024 was 3,486 USD/ton, up 125 USD and the delivery term for January 2025 was 3,391 USD/ton, up 120 USD.
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| New York Arabica coffee price (Photo: Screenshot giacaphe.com) |
Similarly, the price of Arabica coffee on the New York floor at 20:10 on May 21, 2024 also had a high increase in all terms, fluctuating at 211.20 - 214.85 cents/lb.
Specifically, the July 2024 delivery period is 214.85 cents/lb; up 8.15 cents/lb compared to the beginning of the session. The September 2024 delivery period is 213.65 cents/lb, up 7.90 cents/lb; the December 2024 delivery period is 212.55 cents/lb, up 7.80 cents/lb and the March 2025 delivery period is 211.20 cents/lb, up 7.15 cents/lb.
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| Brazilian Arabica coffee prices (Photo: Screenshot giacaphe.com) |
The price of Brazilian Arabica coffee at 20:10 on May 21, 2024 continued to increase at trading terms, ranging from 255.00 - 253.40 USD/ton.
Specifically, the delivery period for May 2024 is 253.40 USD/ton, up 1.50 USD. The delivery period for July 2024 is 257.95 USD/ton, up 0.15 USD compared to the beginning of the trading session; the delivery period for September 2024 is 257.85 USD/ton, up 6.85 USD and the delivery period for December 2024 is 255.00 USD/ton, up 6.95 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.
Looking ahead to the 2024/25 crop year, the bank forecasts a surplus in the coffee market of around 6.8 million bags, supported by improved agricultural conditions in major producing countries such as Brazil, Colombia and Thailand.
The heat wave in Vietnam could impact Robusta production, but it could also create opportunities for premium Arabica, a higher-quality variety often used in specialty coffees and espressos, Citi’s Aakash Doshi said. The shift in supply and rarity could increase the value of Arabica and create opportunities for producers and consumers in the premium market.
On the demand side, consumption is forecast to reach record levels in the ongoing 2023/2024 crop year. Arabica coffee prices are expected to decline slightly in 2024, before stabilizing overall in 2025. In contrast, Robusta coffee prices are forecast to remain high in 2024, before declining significantly in 2025.
Source: https://congthuong.vn/du-bao-gia-ca-phe-ngay-2252024-gia-ca-phe-tren-tang-vot-vao-chu-ky-gia-moi-321508.html
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