Coffee price on 04/15/2024: Reaching VND 111,000/kg record level

Coffee prices on April 15 globally

In the global market, both the London and New York exchanges on April 15 saw no new developments.

Specifically, Robusta prices on the London exchange for May 2024 remained at $ 3,900/ton. Meanwhile, futures contracts for July 2024 hovered around $ 3,852/ton.

On the New York exchange, Arabica prices for May 2024 remained steady at approximately 224.65 cents/lb. Futures contracts for July 2024 showed little change, staying around 220.45 cents/lb.

Global coffee prices today continued to trade sideways. Last week, both the London and New York exchanges saw significant increases. Specifically, Robusta and Arabica prices for the May delivery month surged by $ 156/ton and 12.15 cents/pound, respectively.

According to experts, supply shortages and declining production in many major coffee-producing countries have driven up prices in recent times. Additionally, political tensions in the Red Sea region have led to increased shipping costs and other expenses, further exerting pressure on coffee prices.

Mr Nguyen Nam Hai, Chairman of Vicofa, emphasized that climate change not only affects Vietnam but also impacts coffee-growing regions worldwide.

Mr Hai stated that the 2023/24 crop season is expected to be more significantly affected by El Nino than previous seasons. Major coffee-producing countries such as Brazil, Indonesia, and India are all experiencing the effects of poor harvests, with production expected to decrease by around 10-15% this crop year. Meanwhile, Vietnam's production for the 2023/24 crop season is forecasted to decrease by 10%.

Therefore, global coffee market prices on 04/15/2024 remained relatively unchanged compared to the previous day.

Coffee prices on 04/15/2024 domestically

In the domestic market, the coffee market on April 15 remained stable compared to the previous day.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at the same price of VND 109,700/kg.

In Dak Lak province, Cu M'gar district is purchasing at VND 110,400/kg today. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 110,300/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap districts are trading at VND 110,600 and VND 110,500 /kg, respectively.

In Gia Lai province, Chư Prông district is trading at VND 110,100/kg, while Pleiku and La Grai districts are maintaining the price at VND 110,000/kg.

The purchasing price in Kon Tum province today is VND 110,000/kg.

The domestic coffee price today shows no new fluctuations and is approaching the new record threshold of VND 111,000/kg. Summarizing the past week, this agricultural product has surged by an additional VND 7,000/kg, marking the second consecutive week of significant increases in April.

In the first quarter of 2024, the European Union (EU) continued to be Vietnam's largest coffee export market, reaching 241,773 tons valued at $ 778.4 million, up 9.5% in volume and 64.1% in value compared to the same period in 2023. This market accounts for 41.3% of the volume and 40.4% of Vietnam's total coffee export turnover.

Within the EU bloc, exports to Germany reached the highest volume at 72,377 tons, down 6.6%; Italy reached 64,627 tons, up 20.6%; Spain reached 44,619 tons, up 65.5%; and the Netherlands increased by 63.9%...

European coffee roasters are boosting imports of this agricultural product due to depleted inventories. The European Coffee Federation (ECF) reported that warehouse inventories in Europe decreased by 37.9% compared to the end of last year, reaching only 437,059 tons at the end of February. Among them, Robusta's inventory decreased by 43.6%, reaching 144,559 tons.

Japan is the next major export market for Vietnam in the first quarter of 2024, with 37,381 tons, up 39.7% compared to the same period.

Furthermore, coffee exports to Asian markets also increased significantly compared to the same period. For example, exports to China increased by 71.8%; South Korea increased by 14.8%; Malaysia increased by 49.7%; notably, Indonesia increased by 116.3%; the Philippines increased by 100%; and Thailand increased by 234.8%...

Meanwhile, exports to the United States, Russia, and Algeria decreased by 5.5%, 10.4%, and 2.4%, respectively.

Thus, the domestic coffee price on 04/15/2024 is trading around the range of VND 109,700 - 110,600/kg.