Coffee prices on 07/10/2024: Continuing strong upward trend

Coffee prices on July 10 globally

In the global market, both the London and New York exchanges continued their strong upward trend on July 10.

In particular, Robusta prices on the London exchange for September 2024 delivery rose by an additional $ 286, reaching $ 4,634/ton. The November 2024 delivery increased sharply by $ 288, reaching $ 4,464/ton.

On the New York exchange, Arabica prices for September 2024 delivery surged by 15.55 cents, reaching 249.95 cents/lb. The December 2024 delivery rose by 15.05 cents, reaching 247.20 cents/lb.

Today's global coffee prices saw a rare strong increase. According to experts, the market responded positively to rumours of a potential Fed interest rate cut, following Federal Reserve Chairman Jerome Powell's remarks before the U.S. Congress.

FED Chairman expressed concerns about keeping interest rates excessively high for too long, which could pose risks to economic growth. His statements reinforced expectations of possible policy changes after the July 30-31 meeting, with increased chances of a rate cut possibly in September.

According to experts, difficulties in sea transport persist, and the EU has not yet agreed on postponing the implementation date of forest-protection coffee laws... These factors contributed to a significant rise in coffee prices recently.

Moreover, unusually dry weather conditions prevail in the world's two largest coffee-producing countries. Brazil is currently entering its winter season, facing threats from cold air masses. This sensitivity has heightened due to early season frosts in South America.

Robusta coffee, in particular, has been strengthened due to concerns over severe drought conditions in Vietnam, potentially impacting both national and global production.

Thus, the global coffee prices on 07/10/2024 surged compared to yesterday.

Coffee prices on July 10 domestically

In domestic markets, coffee prices rose by an additional VND 2,200 compared to yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 128,100/kg.

In Dak Lak province, Cu M'gar district is purchasing at VND 128,700/kg. Ea H'leo and Buon Ho districts are trading at the same price of VND 128,700/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 128,600 and VND 128,500/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 128,600/kg, while Pleiku and La Grai are at VND 128,500/kg.

In Kon Tum province, the purchase price today is VND 128,500/kg.

Domestic coffee prices continue to rise sharply today, approaching the threshold of VND 129,000/kg.

Thus, domestic coffee prices on 07/10/2024 are trading around the range of VND 128,100 - 128,700/kg.

$ 1 = VND 25.209 - Source: Vietcombank.