Coffee price today November 10, 2024: Sharp decrease of 1,500 VND/kg
Today's domestic coffee price, November 10, is at 106,500 - 107,200 VND/kg, a sharp decrease of 1,500 VND/kg compared to yesterday.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 106,500 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 107,000 VND/kg. In Ea H'leo district (Dak Lak), Buon Ho district (Dak Lak), the coffee price today is purchased at the same level of 106,900 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 107,200 VND/kg in Gia Nghia and 107,100 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 107,000 VND/kg (Chu Prong), in Pleiku and La Grai the price is 106,900 VND/kg.
Today's coffee price in Kon Tum province is purchased at 107,000 VND/kg.
In recent years, coffee production has been greatly affected by climate change, creating challenges for both producers and consumers.
In Vietnam, high coffee prices have spurred expansion of coffee growing areas and increased yields. However, the supply of robusta for export has not kept up with demand, pushing prices to record levels not seen in more than 30 years. This has caused the price differential between robusta in London and arabica in New York to fall below 20 cents per pound.
Thanks to record prices, even though exports are expected to fall to less than 1.5 million tonnes (25 million bags) in the 2023/24 crop year, Vietnam's coffee export revenue will still reach $5.43 billion, according to the Vietnam Coffee and Cocoa Association (VICOFA).
Vietnam's coffee output is forecast to reach around 26-27 million bags, of which 24-25 million bags are robusta. This figure is lower than the forecast of the US Department of Agriculture, with 29 million bags including both arabica and robusta.
According to VICOFA, by the end of 2023, the total coffee growing area in Vietnam will reach 718,000 hectares and will continue to increase in 2024, as the demand for coffee seedlings increases.
Vietnam’s average coffee yield has increased from 2.7 tons to 2.9 tons per hectare in 2023, up 0.8% over the past three years. If the weather is favorable, Vietnam’s robusta coffee production will continue to grow strongly in the coming years.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery decreased by 110 USD/ton, at 4,376 USD/ton, and for January 2025 delivery decreased by 106 USD/ton, at 4,318 USD/ton.
Arabica coffee prices for December 2024 delivery decreased by 7.05 cents/lb, to 253.35 cents/lb, and for March 2025 delivery decreased by 6.65 cents/lb, to 253.10 cents/lb.
According to current price trends, experts predict that domestic coffee prices will likely stabilize or decrease slightly in the near future. In the world market, coffee prices are also likely to be under downward pressure due to supply-demand factors and economic fluctuations.
Nguyen Huu Long, Director of the Vietnam Coffee Academy Joint Stock Company, said that coffee prices are strongly influenced by speculation, making it difficult to predict. However, speculators still have to base their investment decisions on actual market demand.
Currently, the coffee harvest season in the Central Highlands is underway with clear signs of crop failure. The lack of supply is the main reason why coffee prices remain high.
However, Vietnamese farmers can quickly increase production after just a few crops thanks to good farming techniques. If supply exceeds demand even slightly, coffee prices can plummet, as they have in the past.
Coffee prices fell on Friday, giving up more than half of the gains made on Thursday. The downward pressure was driven by rising global supplies, with the International Coffee Organization (ICO) reporting that global coffee exports in September rose 25% year-on-year to 10.76 million bags; while exports from October to September rose 11.7% to 137.2 million bags.
