Continue the slight increase?

Coffee price forecast on August 2, 2024, in the domestic market continues to increase. In the domestic market, in July 2024, domestic coffee prices increased by 4,300 - 4,800 VND/kg, which is also the first month that coffee prices increased after 2 consecutive months of slight decrease. The average coffee price today in the Central Highlands on August 1 was recorded 4,400 VND/kg higher than on July 1.

According to the Ministry of Agriculture and Rural Development, the leading market for Vietnamese coffee consumption is still European countries. Of the more than 900,000 tons of coffee exported in the past 7 months, Germany imported the most with 12.3%, followed by Italy with 9% and Spain with 7.7% in third place.

Meanwhile, emerging markets in Asia have achieved high growth rates, especially South Korea. In the first 5 months of 2024, Vietnam was the second largest coffee supplier to the South Korean market, reaching 18,830 tons, up 5.7% in volume and turnover reaching 55.8 million USD, up 57.4% in value compared to the same period last year. South Korea mainly imports unroasted coffee, accounting for 82% and growing at about 10% per year.

In contrast to South Korea, countries in the Southeast Asian region such as Singapore, Myanmar, the Philippines, etc. prefer processed coffee products and instant coffee from Vietnam. Vietnamese coffee brands such as Trung Nguyen, K-Coffee, etc. are becoming increasingly familiar to consumers in the region and Asia. The average export price to these markets in the past 6 months reached 4,107 - 4,909 USD/ton.

Coffee price forecast August 2, 2024: Continuing the slight increase?

Domestic coffee prices were updated at 4:30 a.m. on August 1, 2024 as follows, according to www.giacaphe.com, domestic coffee prices increased slightly by 100 - 200 VND/kg compared to yesterday, ranging from 123,000 - 123,600 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 123,500 VND/kg, the highest purchase price in Dak Nong province is 123,600 VND/kg.

Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 123,500 VND, an increase of 200 VND/kg, in Pleiku and La Grai the same price is 123,300 VND/kg; in Kon Tum province, coffee is purchased at 125,000 VND/kg, an increase of 200 VND/kg; in Dak Nong province, coffee is purchased at the highest price of 123,600 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 123,000 VND/kg.

Coffee prices today, August 1, in Dak Lak province increased slightly by 100 VND/kg compared to yesterday; in Cu M'gar district, coffee was purchased at about 123,500 VND/kg, and in Ea H'leo district and Buon Ho town, it was purchased at the same price of 123,400 VND/kg.

Coffee price today August 1, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com

Updated world coffee prices at 20:45 on August 1, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures for September 2024 delivery on the London exchange was at 4,231 USD/ton, down 30 USD compared to the beginning of the trading session. The delivery term for November 2024 was 4,088 USD/ton, down 28 USD; the delivery term for January 2025 was 3,935 USD/ton, down 35 USD and the delivery term for March 2025 was 3,800 USD/ton, down 39 USD.

Coffee price today August 1, 2024: New York Arabica coffee price (Photo: Screenshot giacaphe.com)

In particular, the price of Arabica coffee on the New York floor today at 20:45 on August 1, 2024 decreased in all terms, fluctuating at 223.20 - 227.75 cents/lb.

Specifically, the September 2024 delivery period is 227.20 cents/lb; down 0.63 cents/lb compared to the beginning of the session. The December 2024 delivery period is 226.55 cents/lb, down 0.70 cents/lb; the March 2025 delivery period is 225.55 cents/lb, down 0.59 cents/lb and the May 2025 delivery period is 223.20 cents/lb, down 0.71 cents/lb.

Coffee price today August 1, 2024: Brazilian Arabica coffee price. (Photo: Screenshot giacaphe.com)

The price of Brazilian Arabica coffee today at 20:45 on August 1, 2024 increased and decreased in opposite directions. Specifically, the delivery period for September 2024 is 285.00 USD/ton, down 0.66%; the delivery period for December 2024 is 279.40 USD/ton (up 0.13%); the delivery period for March 2025 is 271.15 USD/ton (down 1.42%) and the delivery period for May 2025 is 273.20 USD/ton, down 0.67%.

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.

For Arabica coffee traded on the B3 Brazil floor, it will be open from 19:00 – 02:35 (next day), Vietnam time.

Globally, coffee prices, especially Arabica coffee prices, continue to decline due to pressure from the progress of the new crop coffee harvest in Brazil.

According to Safras & Mercado, Brazil has completed 81% of its 2024/2025 coffee harvest as of July 23, up from 74% at the same time last year and ahead of the five-year average of 77%. The amount of certified graded Arabica coffee stored in New York increased by 2,495 bags on the last trading day of the week, reaching 814,801 bags.

For Arabica coffee, Brazil has completed 75% of the harvest, faster than the 65% at the same time last year and faster than the 5-year average of 69%. For Robusta coffee, 95% of the new crop has been harvested, faster than the 89% at the same time last year and faster than the 5-year average of 93%.

* Information for reference only

Source: https://congthuong.vn/du-bao-gia-ca-phe-ngay-282024-noi-tiep-da-tang-nhe-336304.html