Coffee prices today (July 1) in the domestic market continued to decrease by 800 - 900 VND/kg. Accordingly, the highest transaction price in the localities was 64,700 VND/kg, recorded in Dak Nong province.
Update domestic coffee prices
According to a survey at giacaphe.com at 6:30, today's coffee price decreased by 800 - 900 VND/kg.
According to records, localities are purchasing coffee at prices ranging from 64,200 - 64,700 VND/kg.
Of which, Lam Dong province has the lowest price of 64,200 VND/kg, down 900 VND/kg. Next is Gia Lai province with the price of 64,400 VND/kg after a decrease of 800 VND/kg.
At the same time of survey, Dak Lak province had a purchase price of 64,500 VND/kg, down 900 VND/kg.
Dak Nong recorded a transaction price of 64,700 VND/kg - the highest among the surveyed localities, after a decrease of 800 VND/kg.
Market | Medium | Change |
Dak Lak | 64,500 | -900 |
Lam Dong | 64,200 | -900 |
Gia Lai | 64,400 | -800 |
Dak Nong | 64,700 | -800 |
USD/VND exchange rate | 23,410 | 0 |
Unit: VND/kg
Exchange rate according to Vietcombank
Coffee price developments from January to July 1. (Synthesis: Anh Thu )
Update world coffee prices
According to records, coffee prices on the world market continue to decrease. Specifically, the online price of robusta coffee in London for delivery in September 2023 was recorded at 2,491 USD/ton after decreasing by 3.07% (equivalent to 79 USD).
The price of Arabica coffee for September 2023 delivery in New York was at 159 US cents/pound after decreasing 1.61% (equivalent to 2.6 US cents) at the time of survey at 6:35 (Vietnam time).
Photo: Anh Thu
Due to harsh weather conditions and low coffee production in Brazil, Indonesia and Vietnam, the price of Indian Coffee Crop has reached "golden" levels, according to Hindustan Times.
Also, in Chikmagalur, Kodagu and Hassan districts of Karnataka, India's top coffee-producing state, coffee production fell by 20% last year due to harsh weather conditions that led to a build-up of coffee storage.
Some are also analyzing that the local market is in short supply of coffee due to the increased demand for Indian coffee worldwide in recent years.
On Wednesday (June 28), arabica parchment was Rs 14,600-15,100, arabica cherry was Rs 7,700-8,000, robusta parchment was Rs 10,400-10,700 and robusta cherry was Rs 6,250-6,500 per 50 kg bag. Many forecasters said that there is little chance of a decline in coffee stocks during the year.
Although Arabica coffee fetches a higher price, most growers have switched to Robusta because Arabica coffee trees have a shorter lifespan and higher maintenance costs. Robusta coffee trees can live up to 100 years, so growers do not have to plant new trees, and maintenance costs are low. Similarly, Robusta coffee varieties are less resistant.
Coffee consumption has been on a steady rise for the past three years. In the 2019-20 crop year, robusta coffee prices, which were Rs 3,000 per 50kg bag, have now doubled to Rs 6,500. But most small growers have failed to take advantage of the price increase as they sold their coffee in the initial period while large growers and stockists have reaped handsome profits.
“This year, in Brazil, Indonesia and Vietnam, the coffee flowers did not bloom on time due to adverse weather conditions. Therefore, the production rate is likely to decrease,” said HT Mohan Kumar, president of the Karnataka Coffee Growers Association.
Production in Karnataka also declined last year. The government has also given relief to the growers. Growers are expecting a bumper crop this year. Currently, coffee supply is stable.”
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