Coffee prices on 04/16/2024: Sharp increase to a new record

Coffee prices on April 16 globally

On the global stage, both the London and New York exchanges experienced significant increases on April 16.

On the London exchange, the price of Robusta for May 2024 delivery surged by $ 74, reaching a peak of $ 3,974/ton. Additionally, the July 2024 delivery saw a substantial increase of $ 97, settling at $ 3,949/ton.

Meanwhile, on the New York exchange, Arabica prices for May 2024 delivery spiked by 6.9 cents, reaching 231.55 cents/lb. Similarly, the July 2024 delivery increased by 6.4 cents, reaching 226.85 cents/lb.

Coffee prices worldwide surged significantly on April 16. Robusta prices rose by a staggering 2%, while Arabica prices surged by an impressive 3%.

Despite Indonesia and Brazil approaching the harvest season, coffee prices continue to soar. The cause is believed to be concerned about the scarcity of supply due to prolonged hot and dry weather affecting all coffee-producing countries.

Thus, global coffee prices on 04/16/2024 increased significantly compared to the previous day.

Coffee Prices on April 16 domestically

In the domestic market, coffee prices on April 16 witnessed a sharp increase compared to the previous day.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at the same price of VND 113,000/kg.

In Dak Lak province, the district of Cu M'gar is buying at VND 113,600/kg. Meanwhile, Ea H'leo and Buon Ho are trading at VND 113,500/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lấp are trading at VND 114,000 and VND 113,900/kg, respectively.

In Gia Lai province, the district of Chu Prong is trading at VND 113,500/kg, while Pleiku and La Grai are maintaining the price at VND 113,400/kg.

Furthermore, the purchasing price in Kon Tum province today stands at VND 113,500/kg.

Domestic coffee prices surged by VND 2,000/kg today, pushing this agricultural product to a new record high of VND 114,000/kg.

Mr. Le Huu Anh, Director of Lam Anh Agricultural Service Cooperative (Glar commune, Dak Doa district, Gia Lai province), stated that the cooperative currently engages around 300 households in coffee cultivation with a linked area of about 490 ha. According to real-time surveys during the dry season, more than 60% of households utilize advanced irrigation technology. However, the use of drip irrigation technology at the root level remains limited, with the majority of households employing it for intercropped coffee plants.

According to Mr. Nguyen Hoai Tam, Director of the Kon Tum Crop Production and Plant Protection Sub-Department, the implementation of water-saving irrigation technologies for crops in Kon Tum province has yielded very positive results.

The water-saving irrigation method has significantly reduced water usage compared to traditional flood irrigation. This helps alleviate pressure on groundwater extraction and ensures sufficient water supply throughout the prolonged dry season. Additionally, it creates conditions for ecosystem restoration in areas prone to drought, erosion, and desertification.

Due to its practical effectiveness in agricultural production, water-saving irrigation technology has been widely applied in various localities, especially for coffee cultivation.

"In the coming time, the agricultural sector of Kon Tum province will vigorously implement solutions to expand the agricultural production area by applying water-saving irrigation technology to bring about high economic efficiency and value", shared Mr Tam.

Thus, domestic coffee prices on 04/16/2024, are trading around the range of VND 113,000 - 114,000/kg.