Coffee prices today (June 9) in the domestic market increased by 1,900 - 2,100 VND/kg. Accordingly, the highest transaction price in the localities reached 65,200 VND/kg, recorded in Dak Nong province.
Update domestic coffee prices
According to a survey at giacaphe.com at 6:05, today's coffee price increased by 1,900 - 2,100 VND/kg.
According to records, localities are purchasing coffee at prices ranging from 64,500 - 65,200 VND/kg.
Of which, Lam Dong province has the lowest price of 64,500 VND/kg after increasing by 1,900 VND/kg. Next is Gia Lai province with the price of 64,800 VND/kg, increasing by 2,000 VND/kg.
At the same time of survey, Dak Lak province had a purchase price of 65,100 VND/kg, an increase of 2,100 VND/kg.
Dak Nong recorded a transaction price of 65,200 VND/kg - the highest among the surveyed localities, after an increase of 2,100 VND/kg.
Market | Medium | Change |
Dak Lak | 65,100 | +2,100 |
Lam Dong | 64,500 | +1,900 |
Gia Lai | 64,800 | +2,000 |
Dak Nong | 65,200 | +2,100 |
USD/VND exchange rate | 23,320 | 0 |
Unit: VND/kg
Exchange rate according to Vietcombank
Coffee price developments from January to June 9. (Synthesis: Anh Thu )
Update world coffee prices
According to records, coffee prices on the world market increased. Specifically, the online price of robusta coffee in London for delivery in July 2023 was recorded at 2,760 USD/ton after increasing by 3.22% (equivalent to 86 USD).
The price of Arabica coffee for July 2023 delivery in New York was at 194.85 US cents/pound after increasing 5.10% (equivalent to 9.45 US cents) at the time of survey at 6:10 a.m. (Vietnam time).
Photo: Anh Thu
Coffee prices have held up well this year, making it one of the best-performing agricultural commodities this year. Cash contracts are trading at $183, about 30% above their yearly lows.
If weather forecasters are right, much of the world will have it this year. In a statement on Tuesday (June 6), Australian weather forecasters predicted a 70% chance of El Nino occurring. El Nino is the catalyst that will push coffee prices significantly higher in the coming months.
In the past, El Nino has had a negative impact on the economy. In some places, record-breaking rainfall has destroyed crops and caused drought. When El Nino is accompanied by La Nina, other parts of the world experience record-breaking temperatures, leading to famine.
In a report this week, Fitch said El Nino would affect some of the largest coffee-producing countries such as Indonesia and Vietnam. Other major coffee-producing countries such as Brazil and Colombia would also be affected if the weather phenomenon occurs.
At the same time, coffee prices are rising due to a drought in Brazil, which sells millions of tons of coffee each year. The drought is affecting several coffee-growing regions, according to Invezz.
Meanwhile, the recent ICO report showed that coffee exports fell in April. Exports from South America fell by 6.4% while those from Africa fell by 9.8%. Exports from Asia and Oceania fell by 1% while those from Mexico and Central America increased by 1%. Overall, coffee production is expected to fall by 1.4% in the 2021-2022 crop year while consumption is expected to increase by 4.2%.
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