Coffee price on 03/20/2024: Sharp increase to VND 95,000/kg

Coffee prices on March 20 in the world

In the world, the London and New York exchanges on March 20 simultaneously increased.

In particular, the price of Robusta on the London exchange for delivery in May 2024 increased by $ 11; reaching $ 3,354/ton. The July 2024 delivery term price increased slightly by $ 15; at the threshold of $ 3,260/ton.

On the New York exchange, the price of Arabica delivered in May 2024 increased by 1.3 cents; reaching 183.05 cents/lb. And the term for delivery in July 2024 increased slightly by 1.2 cents; at 181.80 cents/lb.

World coffee prices today turned up slightly on the New York exchange. Robusta prices on the London exchange still maintain an upward momentum due to concerns about global supply shortages still weighing on the consumer market. 

International traders predict that Vietnam's Robusta output in the 2023/2024 crop year may decrease by another 2-3%, this has created a supportive market sentiment until Brazil enters this year's crop harvest.

Thus, world coffee prices on 03/20/2024 increased slightly compared to yesterday.

Coffee prices on March 20 in the country

The domestic market price on March 20 increased by VND 1,100/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 94,000/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 94,600/kg. Ea H'leo and Buon Ho districts are trading at a price of VND 94,500/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 94,700 and VND 94,600/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 94,600/kg, while Pleiku and La Grai are maintaining the same price at VND 94,500/kg.

The purchasing price in Kon Tum today is VND 94,500/kg.

Domestic coffee prices today continue to increase sharply and are approaching the high threshold of VND 95,000/kg.

In the first 2 months of 2024, exports of this agricultural product are still growing very impressively. According to VICOFA leaders, the results achieved in the first 2 months of 2024 are an export record for the coffee industry.

This commodity group has even exceeded the turnover of seafood (reaching $ 1.2 billion), for the first time rising to the No. 2 position in agricultural exports (after wood and wood products). 

The growth of all three criteria of quantity, price and average value of exported coffee products is giving farmers (especially people in the Central Highlands) great joy.

With an impressive start, experts and managers are expecting Vietnam's coffee exports in 2024 to reach a record milestone of $ 5 billion.

Thus, the domestic coffee price on 03/20/2024 is trading around the threshold of VND 94,000 - 94,700/kg.