Coffee prices on 03/31/2024: This week increased sharply

Coffee prices on March 31 in the world

In the world, the London and New York exchange prices on March 31 had no new fluctuations.

In particular, Robusta's price on the London exchange for delivery in May 2024 is anchored at $ 3,479/ton. The July 2024 delivery term remains at $ 3,396/ton.

On the New York exchange, Arabica's price for delivery in May 2024 maintained around 188.85 cents/lb. And the July 2024 delivery date is 188.05 cents/lb.

World coffee prices today are flat. To summarize this week, the price of Robusta for May delivery increased sharply by $ 121/ton, while the price of Arabica for May delivery increased to 4 cents/lb.

Thus, world coffee prices on 03/31/2024 have no new fluctuations compared to yesterday.

Coffee prices on March 31 in the country

The domestic market on March 31 moved sideways 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 98,200/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 98,600/kg. Ea H'leo and Buon Ho districts are trading at VND 98,500/kg. 

In Dak Nong province, traders Gia Nghia and Dak R'lap are trading at VND 98,600 and VND 98,600/kg, respectively. 

In Gia Lai province, Chu Prong district is trading at VND 98,500/kg, while Pleiku and La Grai are maintaining the same price at VND 98,400/kg.  

The purchasing price in Kon Tum today is VND 98,400/kg.

Domestic coffee prices today remain stable with the highest threshold reaching VND 98,600/kg. This week, the domestic coffee market continued to increase by VND 4,000/kg, becoming the third consecutive week of strong increase.

At the workshop "Solutions for coffee export to reach $ 5 billion" organized by The Labourer newspaper, held on the afternoon of March 30, Mr. Nguyen Nam Hai - Chairman of Vicofa Association said that in the first quarter of 2024, Vietnam exported nearly 600,000 tons of coffee with a turnover of about $ 1.9 billion, only increases 3.1% in quantity but increases 54.7% in export turnover compared to the same period in 2023.

Mr. Do Ha Nam - Chairman of Intimex Group commented that in early 2024, Vietnam's export turnover of this agricultural product will grow impressively thanks in part to record high selling prices, reaching VND 100,000/kg in recent days. With current developments, reaching the export target of $ 5 billion this year is not difficult.

Mr. Nguyen Quang Binh - A coffee market analyst assessed that the turnover was achieved in the first quarter of 2024 combined with the amount that will be exported in the remaining 3 quarters at a price of over $ 3,000/ton, the coffee industry is considered to have reached 5 billion USD this year. 

According to the Organizing Committee, the second "Honoring Vietnamese Coffee-Tea" Program will create a launching pad to enhance the position of these two Vietnamese products on the world agricultural product map. Also from here, we can hope that in the coming time, there will be many other favourable factors that will add value to the country's coffee and tea industry.

Thus, the domestic coffee price on 03/31/2024 is trading around the threshold of VND 98,200 - 98,600/kg.