Coffee prices on 08/21/2024: Significant increase globally

Coffee prices on 08/21/2024

Today, coffee prices on the London and New York August 21 exchanges saw significant increases.

On the London Exchange, Robusta coffee for September 2024 delivery rose by $ 171, reaching $ 4,879/ton. The November 2024 contract also saw a substantial increase of $ 143, settling at $ 4,619/ton.

On the New York Exchange, Arabica coffee for September 2024 delivery increased by 3.55 cents, reaching 249.45 cents/lb. The December 2024 contract experienced a rise of 4.15 cents, settling at 248.50 cents/lb.

Coffee prices around the world have continued to rise sharply today. Robusta coffee has reached a new historic high, while Arabica coffee has climbed to its highest level in 2.5 months.

The significant drop in the USD to its lowest level in seven months has contributed to these increases. This drop is partly due to the anticipation of remarks from Federal Reserve Chairman Jerome Powell later this week.

At the time of this survey, the DXY index, which measures the value of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), has fallen to 101.38.

Additionally, concerns about climate conditions in major coffee-producing countries potentially impacting yields have further driven up coffee prices.

Thus, global coffee prices on August 21, 2024, have risen significantly compared to yesterday.

Coffee prices on 08/21/2024

In Vietnam, coffee prices have seen a slight increase today compared to yesterday.

In Lam Dong Province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 117,900/kg.

In Dak Lak Province, Cư M'gar district is purchasing at VND 118,700/kg, while Ea H'leo and Buon Ho districts are trading at VND 118,600/kg.

In Dak Nong Province, Gia Nghia and Dak R'lap are trading at VND 118,700 and VND 118,600/kg, respectively.

In Gia Lai Province, Chư Prông district is trading at VND 118,600/kg, while Pleiku and La Grai districts are holding steady at VND 118,500/kg.

In Kon Tum Province, the purchasing price is VND 118,500/kg.

On 08/21/2024, domestic coffee prices continued to rise slightly by VND 200-300, with trading remaining sluggish despite the global market being highly active. Currently, the price of this commodity is approaching VND 119,000/kg.

According to data from Brazil's National Foreign Trade Statistics Center (Comex Stat), Vietnam imported a total of 17,428 tons of coffee beans from Brazil in the first seven months of 2024, with a value exceeding $ 59 million. This represents a dramatic increase of 5.4 times in volume and nearly 5.3 times in value compared to the same period last year.

This is also the largest volume of coffee Vietnam has ever imported from Brazil, surpassing the combined total of 12,609 tons for the entire 2021-2023 period.

In July alone, Vietnam's coffee bean imports from Brazil reached 6,762 tons, doubling from the previous month and increasing 28-fold compared to the same month last year. This result positioned Vietnam as the 8th largest coffee importer from Brazil for the recent month.

The significant increase in coffee imports from Brazil coincides with a reduction in domestic production and low inventory levels.

Thus, domestic coffee prices on 08/21/2024, are trading around VND 117,900 - 118,700/kg.

$ 1 = VND 24.730 - Source: Vietcombank.