Coffee price on Nov 17: Suddenly reaches its peak of the year

Global coffee price

On the world market, coffee price on Nov 17 continued to rise quickly on both major trading floors.

At the end of last week's trading session (Vietnam time), Robusta coffee delivery price in November 2020 in London increased by US$32/ton (2.3%), trading at US$1,426/ton; in March 2021 increased by US$30 at US$1,449/ton.          

On New York trading floor, Arabica coffee delivery price in December 2020 increased 6.4 cents/lb (5.86%) at 115.65 cents/lb, in March 2021 increased by 6.55 cents/lb. (8.84%) to 118.75 cents/lb.

Currently, Hurricane Iota is causing heavy damages to the major Arabica producing countries in the America, making transactions on the New York floor volatile. The weakening dollar and the optimistic recovery signals from major economies are boosting up coffee prices.

Thus, coffee price today Nov 17 2020 on the world market increased sharply in the context of the weakening dollar.

Domestic coffee price

Domestic coffee price today Nov 17 increased strongly following the world market. Coffee price in the Central Highlands reached the highest since the beginning of the year.

Specifically, the price of coffee in Di Linh district (Lam Dong) was at VND 33,900/kg, in Bao Loc district (Lam Dong) and Lam Ha (Lam Dong) at VND 33,900/kg.

In Cu M'gar district (Dak Lak), coffee price today remained stable at VND 34,000/kg. In Ea H'leo (Dak Lak) and Buon Ho (Dak Lak) districts, coffee price remained at VND 34,500/kg.

In Gia Nghia and Dak R'lap of Dak Nong province, coffee price today was at VND 34,400/kg.

In Gia Lai province, the price of Chu Prong coffee today was VND 34,300/kg, in Pleiku and La Grai VND 34,400/kg. Coffee price in Kon Tum today increased to VND 34,400/kg.

Export roasted and instant coffee are favored by many countries around the world, so the export turnover increased, accounting for 12% of the country's total export volume.

It is expected that this year, Vietnam's coffee exports will reach about 1.3 million tons with an export turnover of more than US$2 billion.

Thus, domestic coffee price on Nov 17 was around VND 33,900 - 34,500/kg.