Coffee price on 03/08/2024: Sharp increase to nearly VND 92,000/kg

Coffee price on March 08 in the world

Globally, the London and New York exchange prices on March 8 continued to increase strongly.

In particular, the price of Robusta on the London exchange for delivery in May 2024 increased by $ 72 USD; up to $ 3,381/ton. And the price term for delivery in July 2024 increased sharply by $ 57; at $ 3,271/ton.

On the New York floor, the price of Arabica delivered in May 2024 increased to 5.9 cents; to 192.20 cents/lb. And the July 2024 delivery term also increased to 5.9 cents; at 189.90 cents/lb.

World coffee prices today increased sharply. According to experts, the FED Chairman's announcement that he will cut interest rates this year has covered most of the market in green. This agricultural product on the London exchange is no exception as technical buying orders have pushed up the price.

In addition, the Chinese Government announced that it will issue super long-term bonds worth 1 trillion Yuan (about $ 139 billion) to increase GDP growth to 5%/year. This also made Wall Street investors excited, DXY fell to its lowest level in the past 1 month, supporting most markets.

Robusta prices skyrocketed due to concerns about a decline in Asian supply. Indonesia reported that exports in January 2024 decreased by 79.73% over the same period. Exports for the first 10 months of the current coffee year (April 2023 - March 2024) only totalled at 1,935,960 bags, which decreased by 2,687,457 bags, or 60.72% compared to the same period last crop year.

ICE - Europe's reported data shows that Robusta inventory certified and monitored by the London exchange decreased by another 1,180 tons, that's a decrease of 4.81% compared to a week earlier, registering at 23,350 tons (about 389,167 bags, 60 kg/bag), stagnated at the low level since 2014. 

Thus, world coffee prices on 03/08/2024 are still skyrocketing compared to yesterday.

Coffee prices on March 8 in the country

The domestic market price on March 8 increased by VND 1,700/kg compared to yesterday.

Specifically, in Lam Dong province, 3 districts of Di Linh, Bao Loc and Lam Ha are trading at the same level of VND 90,400/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 91,700/kg. Ea H'leo and Buon Ho districts are trading at a price of VND 91,600/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 91,800 and VND 91,700/kg, respectively. 

In Gia Lai province, Chu Prong district is trading coffee at VND 91,400/kg, while Pleiku and La Grai are maintaining the same price at VND 91,300/kg.

The purchasing price in Kon Tum today is VND 91,400/kg.

Domestic coffee prices today continue to increase sharply. Over just the past 2 days, the price of this agricultural product has increased by nearly VND 4,000/kg, thereby approaching the record price of VND 92,000/kg.

The General Statistics Office of Vietnam estimates that coffee exports in February only reached 160 thousand tons, down nearly 20% over the same period. This is due to the extended Lunar New Year holiday in the Year of the Dragon.

Vicofa estimates that the current 2023/2024 crop production will decrease by another 10% compared to the previous crop. This agricultural product in Vietnam is currently very difficult to buy, so trade has had to push the price up very high. 

Thus, the domestic coffee price on 03/08/2024 is trading around the threshold of VND 90,400 - 91,800/kg.