Experts predict that coffee prices on October 28, 2024 in the domestic market may decrease sharply due to abundant global supply, favorable weather for the new coffee crop in the main growing regions of Brazil - the world's largest coffee producing country, and a domestic supply shortage, forcing Vietnam to increase coffee imports to serve production.
Recorded in the trading session on October 27, 2024, domestic coffee prices today increased by 1,000 - 1,200 VND/kg, ranging from 109,400 - 110,000 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 109,700 VND/kg, the highest purchase price in Dak Nong province is 110,000 VND/kg.
 |
| Coffee price forecast October 28, 2024: Will the decline continue? |
Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 109,800 VND, an increase of 1,200 VND/kg compared to yesterday, in Pleiku and La Grai the price is 109,700 VND/kg; In Kon Tum province, the price is 109,800 VND/kg, an increase of 1,200 VND/kg compared to yesterday; In Dak Nong province, coffee is purchased at the highest price of 110,000 VND/kg, an increase of 1,200 VND/kg compared to yesterday.
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 109,400 VND/kg, an increase of 1,000 VND/kg compared to yesterday.
Coffee prices today (October 27) in Dak Lak province; in Cu M'gar district, coffee is purchased at about 109,800 VND/kg, an increase of 1,200 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 109,700 VND/kg.
Updated world coffee prices at 20:00 on October 27, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for delivery in November 2024 on the London exchange was at 4,430 USD/ton, up 62 USD compared to the beginning of the trading session.
 |
| Coffee price today October 27, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com |
The January 2025 delivery term is 4,411 USD/ton, up 74 USD; the March 2025 delivery term is 4,323 USD/ton, up 57 USD and the May 2025 delivery term is 4,256 USD/ton, up 52 USD.
 |
| Arabica coffee prices on the New York floor on October 27, 2024. (Photo: Screenshot of giacaphe.com) |
In particular, the price of Arabica coffee on the New York floor today at 20:00 on October 27, 2024 increased in all terms, fluctuating at 243.60 - 248.40 cents/lb.
Specifically, the December 2024 delivery period is 248.40 cents/lb; up 2.95 cents/lb compared to the beginning of the session. The March 2025 delivery period is 247.50 cents/lb, up 3.05 cents/lb; the May 2025 delivery period is 246.15 cents/lb, up 3.15 cents/lb and the July 2025 delivery period is 243.60 cents/lb, up 3.35 cents/lb.
 |
| Brazilian Arabica coffee price on October 27, 2024. (Photo: Screenshot of giacaphe.com) |
The price of Brazilian Arabica coffee today at 9:00 p.m. on October 27, 2024 increased and decreased in opposite directions. Specifically, the delivery period for December 2024 is 300.10 USD/ton, down 0.22%; the delivery period for March 2025 is 300.00 USD/ton, down 0.37%; the delivery period for May 2025 is 301.40 USD/ton, up 1.40% and the delivery period for July 2025 is 297.95 USD/ton, up 1.52%.
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.
Favorable weather conditions for the new crop in Brazil’s main growing regions are believed to be behind the price drop. Short rains are occurring, helping to alleviate the stress caused by a lack of moisture. Climatempo also expects more significant rain in Minas Gerais this weekend, which will help moderate temperatures and improve soil moisture.
Technically, on a weekly timeframe, both Robusta and Arabica markets are expected to fall further in the absence of any significant fundamental news in the coming week. However, fundamentally, coffee prices remain supported by concerns about long-term crop damage from the drought that has been occurring since April.
By the end of September, the end of the 2023-2024 coffee crop year, Vietnam had imported about 139,000 tons of coffee with a turnover of nearly 527 million USD, an increase of about 36% in volume and nearly 76% in value over the same period last year.
As the season draws to a close, Vietnam imports more coffee due to the scarcity of domestic supply. In September alone, businesses imported 14,400 tons of coffee, worth nearly 65 million USD, up 54% in volume and 132% in value compared to the same period last year.
In September, Vietnam imported both green coffee (raw material) and finished products. However, the average price of imported coffee was lower than the export price. For example, the average unit price of imported green coffee was 4,194 USD/ton while the average unit price of exported coffee was 5,022 USD/ton.
Processed coffee (roasted and instant) imported 1,265 tons, average unit price 7,580 USD/ton, while the unit price of processed coffee for export is 9,269 USD/ton.
Information for reference only. Prices may vary by location.
Comment (0)