Coffee prices on 05/24/2024: Plummeting Sharply

Coffee prices on May 24 globally

On the global markets, both the London and New York exchanges experienced significant declines on May 24.

Specifically, the price of Robusta coffee on the London exchange for July 2024 delivery dropped by $ 98, reaching $ 3,819/ton. The price for September 2024 delivery fell sharply by $ 105, settling at $ 3,739/ton.

On the New York exchange, the price of Arabica coffee for July 2024 delivery dropped significantly by 4.8 cents, falling to 215.65 cents/lb. The price for September 2024 delivery decreased by 4.45 cents, also settling at 215.65 cents/lb.

Today, global coffee prices experienced a sharp decline after three consecutive days of significant increases as traders adjusted their positions.

The increase in certified stock on the exchange, coupled with reports of rising production in Brazil, contributed to the decline in both markets.

Previously, Volcafe had forecasted that Vietnam's Robusta crop for the 2024/25 season might only reach 24 million bags, the lowest in 13 years, due to insufficient rainfall causing "irreparable damage." Volcafe also predicted a global Robusta deficit of 4.6 million bags for 2024/25, a smaller deficit compared to the 9 million bags shortfall in 2023/24, but still marking the fourth consecutive year of Robusta shortages. This information contributed to the coffee prices soaring for three consecutive days this week.

After this strong increase, an adjustment phase was expected. However, experts believe that technically, despite the significant recent increases, Robusta prices are only about halfway through their current uptrend. The momentum remains strong, with a target to surpass the 3,967 USD/ton mark.

Thus, global coffee prices on 05/24/2024, have significantly decreased compared to yesterday.

Coffee prices on May 24 domestically

In the domestic market, coffee prices on May 24, 2024, dropped by 2,000 VND/kg compared to the previous day.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are all trading at VND 114,000/kg. 

In Dak Lak province, Cu M'gar district is buying at VND 115,000/kg. Meanwhile, Ea H'leo and Buon Ho districts are also trading at VND 115,000/kg. 

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 115,500/kg and VND 115,400/kg, respectively. 

In Gia Lai province, Chu Prong district is trading at VND 115,000/kg, while Pleiku and La Grai are both at VND 114,900/kg. 

The buying price in Kon Tum today is VND 114,900/kg.

Domestic coffee prices today decreased sharply after 3 consecutive days of hot increases. As a result, the price of this agricultural commodity has fallen to around VND 115,000/kg.

Thus, domestic coffee prices on 05/24/2024, are trading around the range of VND 114,000 - 115,500/kg.

$ 1 = VND 25.247 - Source: Vietcombank