Coffee price today September 11, 2024: Coffee price increases due to storm news in Vietnam
Coffee prices today, September 11, range from 119,700 - 120,300 VND/kg. Domestic coffee prices increased sharply by 2,000 VND/kg. World coffee prices increased after hearing news of a storm entering Vietnam.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 119,700 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 120,200 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 120,100 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 120,300 VND/kg in Gia Nghia and 120,200 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 120,300 VND/kg (Chu Prong), in Pleiku and La Grai the price is 120,200 VND/kg.
Today's coffee price in Kon Tum province is purchased at 120,300 VND/kg.
The domestic coffee market increased by an average of VND2,000/kg. The highest domestic coffee price was VND120,300/kg in Gia Lai and Dak Nong.
Experts say the current market is very sensitive and easily influenced by information related to weather and agricultural output.
Speculation has also contributed to the recent market volatility. Coffee prices have seen wild swings in the past two weeks: a spike one week on drought concerns in Brazil, followed by a sharp drop after rains there.
According to Bloomberg, both Arabica and Robusta coffee prices increased after Typhoon Yagi hit Vietnam. However, the storm actually moved north and did not affect the Central Highlands region, which is the heart of Vietnam’s coffee growing region.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 22 USD/ton, at 4,913 USD/ton, and for November 2024 delivery increased by 6 USD/ton, at 4,682 USD/ton.
Arabica coffee price for September 2024 delivery increased by 2.65 cents/lb, to 248.05 cents/lb, and for December 2024 delivery increased by 1.95 cents/lb, to 245.40 cents/lb.
The market is changing, creating a “new normal” with many unpredictable fluctuations. Vietnam, the world’s leading exporter of robusta coffee, is seeing a decline in export volume and an increase in imports.
In August, Vietnam imported about 17,281 tons of coffee, worth over 71 million USD, up 20.5% in volume and 68.2% in value compared to the same period last year. Notably, more than 14,000 tons of green coffee beans were imported, worth over 58 million USD.
In the past, coffee prices in Vietnam often fell during the harvest season, causing farmers and businesses to want to sell and sign contracts early. However, recently, coffee prices have increased during the harvest season, causing farmers to hold back their goods and businesses to hesitate to sign contracts right away.
