Coffee prices on 06/21/2024: Robusta continues to surge

Coffee prices on June 21 globally

In the global market, both the London and New York exchanges experienced significant increases on June 21.

In London, the price of Robusta for July 2024 delivery surged by an additional $169 to reach $ 4,374/ton. The September 2024 contract also saw a strong rise of $ 116, reaching $ 4,176/ton.

Meanwhile, on the New York market, Arabica for September 2024 delivery turned upwards by 4.1 cents, reaching 230.35 cents/lb. The November 2024 contract also experienced a robust increase of 3.7 cents, hitting 228.55 cents/lb.

Worldwide, coffee prices surged strongly. After the midweek trading break, the New York market resumed with a robust increase despite the recovering USD. According to experts, Arabica prices were supported by the London market in the previous session.

Currently, it's the harvesting season for coffee in the Southern Hemisphere (from May to September annually), while Vietnam in the Northern Hemisphere has finished its harvest from October of the previous year to the end of May.

Global analysts predict that coffee prices may temporarily halt their rise and could even trend downwards due to increased harvest volumes in Brazil. However, some forecasts suggest coffee prices may continue to rise in the fourth quarter of 2024 when Brazil finishes its harvest and Vietnam enters its new harvesting season.

According to Volcafe, Vietnam's Robusta output for the 2024/25 crop year is estimated at 24 million bags, the lowest in 13 years due to unfavourable weather conditions. This information has driven Robusta prices sharply higher on the London market this week.

Thus, global coffee prices on 06/21/2024, have risen sharply compared to yesterday.

Coffee prices on June 21 domestically

Domestically, the coffee market on June 21 continues its strong upward trend compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 122,000/kg.

In Dak Lak province, the Cu M'gar district is purchasing at VND 123,000/kg. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 122,900/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'Lap are trading at VND 123,200/kg and VND 123,100/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 123,000/kg, while Pleiku and La Grai districts are at VND 122,900 VND/kg.

In Kon Tum province, the purchase price today is VND 123,000/kg.

The domestic coffee price today has increased by an additional 2,000 VND, surpassing the threshold of VND 123,000/kg.

Thus, the domestic coffee price on 06/21/2024 is trading around the range of VND 122,000 - 123,200/kg.

$ 1 = VND 25.218 - Source: Vietcombank