Coffee prices on 07/09/2024: Prices soar across the board

Coffee prices on July 9 globally

On the global markets, both the London and New York exchanges saw significant increases today.

In London, Robusta prices for the September 2024 contract increased by $ 163, reaching $ 4,348/ton. The November 2024 contract also rose significantly by $ 154, reaching $ 4,17 USD/ton.

In New York, Arabica prices for the September 2024 contract increased by 5.45 cents, reaching 234.40 cents/lb. The December 2024 contract rose by 5.6 cents, reaching 232.15 cents/lb.

Global coffee prices surged strongly today, the first trading day of the week, following news that the Fed may soon cut interest rates.

According to analysts at Citi Research, the Fed is expected to conduct multiple substantial interest rate cuts, starting in the coming months and continuing through next summer.

In a note last Friday, Citi’s research division forecasted that the Fed will reduce interest rates eight consecutive times, each by 25 basis points. This process will start in September this year and extend until July 2025.

Additionally, concerns over low inventory levels in Vietnam and insufficient rainfall in the Central Highlands, Vietnam's main coffee-growing region, are unsettling investors. Despite the Central Highlands entering the rainy season, global economists note that rainfall remains below the usual levels of previous years, which could negatively impact coffee plant growth. These factors contributed to the sharp rise in Robusta prices early this week.

Thus, global coffee prices on 07/09/2024, have significantly increased compared to yesterday.

Coffee prices on July 9 domestically

In the domestic market, coffee prices today, July 9, have risen by VND 3,000 compared to yesterday.

Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 125,900/kg.

In Dak Lak province, Cu M'gar district is purchasing at VND 126,600/kg today. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 126,500/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 127,100 and VND 127,000/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 126,600/kg, while Pleiku and La Grai are both holding at VND 126,500/kg.

The purchase price in Kon Tum today is VND 126,500/kg.

Domestic coffee prices today have surged significantly, pushing this agricultural product above the high threshold of VND 127,000/kg. Similarly, domestic pepper prices have also increased by VND 1,000, bringing the domestic pepper price back to the level of VND 152,000/kg.

Thus, domestic coffee prices on 07/09/2024, are trading around the range of VND 125,900 - 127,100/kg.

$ 1 = VND 25.204 - Source: Vietcombank.