Coffee prices on 04/07/2024: Sharp increase this week

Coffee prices on April 7 around the world

Around the world, the London and New York exchanges on April 7 simultaneously went sideways.

In particular, Robusta's price on the London exchange for delivery in May 2024 is anchored at $ 3,744/ton. And the July 2024 delivery term remains at $ 3,679/ton.

On the New York exchange, Arabica's price for delivery in May 2024 stood still at 212.50 cents/lb. And the July 2024 delivery date is anchored at 211 cents/lb.

World coffee prices today have no new fluctuations.

This week, both London and New York exchange prices simultaneously increased hotly. Specifically, Robusta futures price for May delivery increased by $ 265/ton. The price of Arabica futures for May delivery increased sharply by 23.65 cents/lb.

Information that the supply from the two leading producing countries of this agricultural product (Brazil and Vietnam) is affected has caused prices to increase sharply. Although the London exchange adjusted down after "hot" days, Arabica prices still did not "cool down" and continuously set the highest records in the past half year.

Thus, world coffee prices on 04/07/2024 remain stable compared to yesterday.

Coffee prices on April 7 in the country

Domestically, the coffee market on April 7 continued to increase sharply 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 103,000/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 103,300/kg. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 103,200/kg.

In Dak Nong province, traders Gia Nghia and Dak R'lap are trading at VND 103,500 and VND 103,400/kg, respectively. 

In Gia Lai province, Chu Prong district is trading at VND 103,300/kg, while Pleiku and La Grai are maintaining the same price at VND 103,200/kg. 

The purchasing price in Kon Tum today is VND 103,200/kg.

Domestic coffee prices today increased sharply to VND 1,000, thereby helping this agricultural product to easily exceed the VND 103,000/kg threshold. To summarize this week, the domestic market increased sharply by VND 5,000/kg.

Mr. Nguyen Nam Hai - Chairman of Vicofa assessed that there are many factors causing the price of this agricultural product to increase, especially exceeding the peak right at harvest time. 

Regarding supply, this year's crop output is estimated to decrease by about 10% due to the effects of climate change. In addition, some households have changed crops, so the planting area has decreased. The second factor is related to the manipulation of financial speculators on the exchange.

Thus, the domestic coffee price on 04/07/2024 is trading around the threshold of VND 103,000 - 103,500/kg.