Coffee prices on 11/1/2023: Market price increased sharply

Coffee price on 11/1 in the world

In the global market, the London and New York exchange prices on November 1 simultaneously increased sharply. 

In particular, the price of Robusta on the London exchange for delivery in November 2023 is up by $ 52; increasing to $ 2,366/ton. And the January 2024 delivery term price on this exchange increased by $ 39; exchanging at $ 2,366/ton.

On the New York exchange, the price of Arabica delivered in December 2023 increased sharply by 8.2 cents; to 167.30 cents/lb. And the March 2024 delivery term increased by 6.6 cents; at 164.90 cents/lb. 

World coffee prices today increased sharply due to speculators wanting to improve their business position. They increased repurchase in the last session. In summary, in October 2023, Robusta prices decreased while Arabica prices increased sharply.

Thus, world coffee prices on 11/1/2023 increased sharply compared to yesterday.

Coffee prices on 11/1 in the country

The domestic market price on November 1 is also increasing sharply compared to yesterday. 

Specifically, in 3 districts of Di Linh, Bao Loc and Lam Ha of Lam Dong province are trading at the same level of VND 58,800/kg.

In Dak Lak, Cu M'gar district today is purchasing at VND 59,600/kg. Ea H'leo and Buon Ho districts are trading at a price of VND 59,500/kg.

In Dak Nong province, traders in Gia Nghia and Dak R'lap are purchasing at VND 59,600 and VND 59,500/kg, respectively.

In Gia Lai, Chu Prong district is trading at VND 59,600D/kg, while Pleiku and La Grai are maintaining the same price at VND 59,500/kg.

In Gia Lai province, today's coffee price is VND 59,500/kg (Chu Prong). Pleiku and La Grai are purchasing at the same price of VND 59,400/kg.

The purchasing price in Kon Tum today is VND 59,500/kg.

Domestic coffee prices increased sharply by VND 1,000/kg, consequently getting closer to the VND 60,000/kg threshold.

Vietnam's coffee exports in October 2023 increased again, reaching 60,000 tons, up 17.7% compared to September 2023, but down 29.7% over the same period in 2022. Export turnover reached $ 189 million, up 12.1% compared to September, but down 13.6% over the same period in 2022. 

Examining the total accumulation in the first 10 months of 2023, Vietnam's coffee exports will reach 1,313 million tons, down 9.5% over the same period in 2022. Turnover reached $ 3.32 billion, down 0.2%.

In recent days, people in the mountainous district of Huong Hoa (Quang Tri province) are starting to harvest coffee. This year, the productivity of this agricultural product is quite high and with a good price, so many coffee farmers are excited. 

It is expected that the yield will reach about 10-12 tons/ha, 2 tons/ha higher than in 2022, the recent selling price ranges from VND 6,000 - 6,500/kg (fresh coffee).

Along with harvesting, the agricultural sector recommends that farmers take care of coffee plants and focus on preventing harmful factors such as twig blight, anthracnose, rust, and pink fungus, paying special care to coffee gardens after harvest. This will further improve the productivity and quality of Quang Tri coffee products.

Thus, the domestic coffee price on 11/1/2023 is trading around the threshold of VND 58,800 - 59,600/kg.

$ 1 = VND 24,380 - Source: Vietcombank