Coffee prices on 08/04/2024: slight decline this week

Coffee prices on August 4 globally

On the global market, both the London and New York exchanges remained stable on August 4.

On the London exchange, the price of Robusta for the September 2024 contract is holding steady at $ 4,227/ton. The November 2024 contract remains at $ 4,088/ton.

On the New York exchange, the price of Arabica for the September 2024 contract is stable at 230.50 cents/lb, while the December 2024 contract is at 229.55 cents/lb.

Global coffee prices remained stable today. For the week, the two markets showed mixed movements: the price of Robusta for the September contract fell by $ 75/ton, while the price of Arabica for the September contract saw a slight increase of 0.25 cents/lb.

Last week, the price of Robusta for the September contract dropped by $ 228/ton, and the price of Arabica for the September contract decreased significantly by 8.05 cents/lb.

This week, the Fed's decision not to cut interest rates immediately had a negative impact on the market, although this outcome was anticipated. However, expectations for a potential rate cut in September may help commodity markets, including coffee, recover slightly by the end of the week.

Thus, global coffee prices on 08/04/2024, have shown no new changes compared to yesterday.

Coffee prices on August 4 domestically

In the domestic market, coffee prices have seen a slight increase compared to yesterday.

In Lam Dong Province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 122,700/kg.

In Dak Lak Province, the district of Cu M'gar is buying at VND 123,200/kg, while the districts of Ea H'leo and Buon Ho are trading at VND 123,100/kg.

In Dak Nong Province, traders in Gia Nghia and Dak R'lap are buying at VND 123,200/kg and VND 123,100/kg, respectively.

In Gia Lai Province, the district of Chu Prong is trading at VND 123,100/kg, while Pleiku and La Grai both hold at VND 123,000/kg.

In Kon Tum Province, the buying price is VND 123,000/kg today.

Today, domestic coffee prices remain stable, with the highest trading level at VND 123,200/kg. This week, the domestic market continued to decline but at a much smaller rate, losing only VND 700.

According to the General Statistics Office, in July, Vietnam's coffee exports reached 70,000 tons, a decrease of nearly 36% compared to the same period in 2023. For the first seven months of 2024, Vietnam's coffee exports totalled 964,000 tons, a decline of nearly 14% compared to the same period last year.

Export revenue reached $ 3.54 billion, an increase of 31% compared to the same period last year. The increase in export revenue despite the reduction in volume is due to the consistently high prices of this commodity throughout the year.

Thus, domestic coffee prices on 08/04/2024, are trading around VND 122,700 - 123,200/kg.

$ 1 = VND 25.010 - Source: Vietcombank.