Coffee prices on 09/05/2024: Robusta continues to surge

Coffee prices on September 5 globally

Globally, both the London and New York exchanges saw prices rise on September 5.

Specifically, Robusta prices on the London exchange for November 2024 delivery surged by $ 202, reaching $ 4,912/ton. The January 2025 contract saw a strong increase of $ 162, standing at $ 4,675/ton.

Meanwhile, on the New York exchange, Arabica prices for December 2024 delivery rose slightly by 0.9 cents, reaching 243.70 cents/lb. The March 2025 contract increased by 0.95 cents, standing at 242 cents/lb.

Global coffee prices on September 5 Global coffee prices surged on the London exchange, which led to a slight recovery on the New York exchange.

According to experts, the rise in coffee prices is due to the weakening of the USD after July's employment data in the US signalled a softening labour market. This shift increased the likelihood that the FED would implement more interest rate cuts.

The market is now betting that the Fed will reduce rates by 50 percentage points in the next meeting, following news that July employment levels fell to their lowest point in three and a half years.

As of the time of the survey, the DXY index, which measures the USD's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), had dropped to 101.27.

Additionally, concerns over severe drought conditions in Brazil are intensifying fears about the global coffee supply.

The European Union's new anti-deforestation law (EUDR) is expected to play a significant role in the future of coffee production. However, many coffee growers oppose the new law, hoping for a more comprehensive approach that will harmoniously secure the future of both farmers and producers.

Thus, global coffee prices on 09/05/2024 saw a strong rise in Robusta compared to yesterday.

Coffee prices on September 5 domestically

Domestically, coffee prices continue to rise compared to yesterday.

Specifically, in Lam Dong province, the three districts of Di Linh, Bao Loc, and Lam Ha are trading at the same price of VND 118,200/kg.

In Dak Lak, Cu M'gar district is purchasing at VND 119,100/kg today. Meanwhile, Ea H'leo and Buon Ho districts are trading at VND 119,000/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are trading at VND 119,300 and VND 119,200/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 119,000/kg, while Pleiku and La Grai are maintaining the same price of VND 119,000/kg.

Finally, coffee purchase prices in Kon Tum today are VND 119,000/kg.

Domestic coffee prices today continue their upward trend, rising by an additional VND 800, pushing this agricultural product above the VND 119,000/kg mark.

Thus, as of 09/05/2024, domestic coffee prices are trading around the range of VND 118,200 - 119,300/kg.

$ 1 = VND 24.560 - Source: Vietcombank.