Coffee prices on 03/22/2024: Increased sharply again

Coffee prices on March 22 around the world

In the world, the London and New York exchanges on March 22 simultaneously increased sharply.

In particular, the price of Robusta on the London exchange for delivery in May 2024 increased by $ 70; reaching $ 3,385/ton. And the July 2024 delivery term increased sharply by $ 67; at $ 3,288/ton.

On the New York exchange, Arabica prices delivered in May 2024 increased by 3.3 cents; to 185.70 cents/lb. And the term for delivery in July 2024 increased to 3.25 cents; at 184.65 cents/lb.

World coffee prices today increased sharply, with which Robusta prices increased by over 2%, and Arabica prices increased by about 1.8%.

According to experts, both New York and London exchanges receive support from growing demand from the growing middle class in China and other Asian countries. In the context of major producing countries experiencing crop failures.

As of December 2023, China has surpassed the US to become the country with the most coffee chains globally.

The price increase of Robusta is stronger than that of Arabica as some retailers are substituting Arabica in an effort to avoid price hikes. The world's demand for Robusta is increasing day by day.

Thus, world coffee prices on 03/22/2024 increased sharply again compared to yesterday.

Coffee prices on March 22 in the country

The domestic market on March 22 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 94,300/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 94,700/kg. Ea H'leo and Buon Ho districts are trading at a price of VND 94,600/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 94,800 and 94,700 /kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 94,700/kg, while Pleiku and La Grai are maintaining the same price at VND 94,600/kg.

The purchasing price in Kon Tum today is VND 94,600/kg.

Domestic coffee prices today increased sharply and are about to reach VND 95,000/kg.

According to experts, the price of this agricultural product will increase at least until April 2024, before Indonesia enters the new crop. It is possible that Vietnamese green coffee will be the most expensive in the world in 2024. Currently, Vietnam is the world's leading country in both export volume and Robusta quality.

The General Department of Vietnam Customs reported preliminary data showing that our country's exports (mainly Robusta) in the first half of March 2024 reached 199,719 tons (about 3.32 million bags), which increased 119.47% over the same period last year.

Bringing coffee exports in the first 2.5 months of 2024 to a total of 598,235 tons, an increase of 38.18% compared to the first 3.5 months of 2023. This high export volume has refuted speculation that Vietnamese farmers are hoarding goods and do not want to sell them at current prices. But at the same time, it also causes reserves of this agricultural product to be exhausted.

Thus, the domestic coffee price on 03/22/2024 is trading around the threshold of VND 94,300 - 94,800/kg.