Coffee prices on 03/19/2024: price fluctuates in oppositely

Coffee prices on March 19 in the world

In the world, the two exchange prices of London and New York on March 19 increased and decreased in opposite directions.

Of which, the price of Robusta on the London exchange for delivery in May 2024 increased by $ 35; reaching $ 3,343/ton. And the term for delivery in July 2024 increased by $ 34; at $ 3,245/ton.

On the New York exchange, Arabica prices delivered in May 2024 decreased by 1.2 cents; to 181.75 cents/lb. And the July 2024 delivery term decreased by 1.05 cents; at 180.60 cents/lb.

World coffee prices today increased quite strongly on the London exchange but decreased slightly on the New York exchange. 

Currently, the market is still waiting for the results of the Fed's upcoming policy meeting. Many experts believe that the Fed may keep its key lending interest rate unchanged again at its meeting on March 20. 

Thus, world coffee prices on 03/19/2024 fluctuated in opposite directions compared to yesterday.

Coffee prices on March 19 in the country

The domestic market price on March 19 increased by VND 600/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 93,000/kg. 

In Dak Lak, Cu M'gar district today is purchasing at VND 93,600/kg. Ea H'leo and Buon Ho districts are trading at a price of VND 93,500/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 93,800 and VND 93,700/kg, respectively. 

In Gia Lai province, Chu Prong district is trading at VND 93,600/kg, while Pleiku and La Grai are both maintaining the price of VND 93,500/kg.

The purchasing price in Kon Tum today is VND 93,500/kg.

Domestic coffee prices today increased quite sharply and are approaching the high threshold of VND 94,000/kg.

Recently, the price of this agricultural product has continuously remained at a very high level, but most people in Lam Dong province no longer have coffee to sell.

This year, most farmers have sold all of the 2023 coffee crop, with very little left in reserve. Normally, after autumn around March and April every year, coffee in stock is sold out. Currently, people no longer have goods to sell and purchasing businesses have also run out of sources of goods to export. 

This is also the time when coffee growers focus on taking care of their crops so that the new crop yields high yields and they hope to maintain the current record price in the harvest at the end of 2024. Currently, the area of this agricultural product in Lam Dong province is over 75,000 ha with an output of more than 530,000 tons.

VICOFA assesses that the increase comes from the imbalance of supply and demand, when world coffee inventories are at record lows, forcing businesses to find ways to purchase and pay contracts. Tensions in the Red Sea are also a catalyst for global prices of this agricultural product to peak.

However, not all businesses benefit, and even lose orders because of sudden price increases. 

Thus, the domestic coffee price on 03/19/2024 is trading around the threshold of VND 93,000 - 93,800/kg.