Coffee prices on 11/08/2024: Surging again

Coffee prices on November 8 globally

Globally, the London and New York exchanges saw a strong recovery on November 8.

On the London exchange, Robusta coffee for January 2025 delivery increased by $ 179 (equivalent to 4.16%), reaching $ 4,486/ton. The March 2025 delivery also surged, rising by $ 176 (4.14%) to $ 4,424/ton.

Meanwhile, on the New York exchange, Arabica coffee for December 2024 delivery jumped by 11.65 cents (4.68%), reaching 260.40 cents/lb. The March 2025 contract saw a similarly strong increase, up by 11.65 cents (4.72%) to 259.75 cents/lb.

Global coffee prices surged today as the USD weakened.

The USD’s decline followed comments from Fed Chairman Jerome Powell, who offered no indication that the U.S. Federal Reserve might halt interest rate cuts in the near future, after the recent 25 basis point cut at the last policy meeting.

In addition, weather conditions have contributed to the increase in coffee prices. Drought in Brazil and weekend rains in Vietnam are likely to disrupt the ongoing harvest.

Thus, global coffee prices on 11/08/2024, have significantly increased compared to yesterday.

Coffee prices on November 8 domestically

In Vietnam, the domestic coffee market rose sharply by VND 1,500 from yesterday.

Specifically, in Lam Dong province, the districts of Di Linh, Bao Loc, and Lam Ha are trading at VND 107,500/kg.

In Dak Lak, Cu M'gar district is buying coffee at VND 108,000/kg, while Ea H'leo and Buon Ho districts are trading at VND 107,900/kg.

In Dak Nong province, traders in Gia Nghia and Dak R’lap are purchasing at VND 108,000 and VND 107,900/kg, respectively.

In Gia Lai province, Chu Prong district is trading at VND 107,900/kg, while Pleiku and La Grai are holding at VND 107,800/kg.

In Kon Tum, the coffee purchase price today is VND 107,900/kg.

Domestic coffee prices today rebounded by up to VND 1,500, bringing the crop back up to around VND 108,000/kg.

Thus, on 11/08/2024, domestic coffee prices are trading within the range of VND 107,500 - 108,000/kg.

$ 1 = VND 25.121 - Source: Vietcombank.