Coffee prices today, November 12, 2024: Domestic prices remain stable.
Today, November 12th, domestic coffee prices are at 106,500 - 107,200 VND/kg, remaining stable compared to yesterday.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 106,500 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 107,000 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 106,900 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 107,200 VND/kg in Gia Nghia and 107,100 VND/kg in Dak R'lap.
In Gia Lai province, today's coffee price is 107,000 VND/kg (Chu Prong), while in Pleiku and La Grai it is 106,900 VND/kg.
Meanwhile, the price of coffee today in Kon Tum province is being purchased at 107,000 VND/kg.
The sharp rise in coffee prices has spurred Vietnam to expand its coffee growing area and increase productivity. Despite a continued shortage of Robusta coffee, domestic prices are currently at a record high in over 30 years. As a result, even with a decrease in exports, Vietnam's export revenue for the 2023/24 crop year still reached US$5.43 billion.
Forecasts indicate that coffee production will reach approximately 26-27 million bags, lower than the US Department of Agriculture's forecast. The area under coffee cultivation is expected to reach 718,000 hectares by the end of 2023 and will continue to increase in 2024.
According to experts, pressure from Vietnam's new harvest will cause coffee prices to fall. However, the US Federal Reserve's interest rate cut last week had a positive impact on the market. Investors are awaiting clearer signals about the policies of Mr. Trump, who just declared victory in the US presidential election. This situation could cause capital to shift to speculative trading platforms, including coffee, and create a basis for an upward price trend this week.
In addition, a key factor that could strongly impact coffee prices next week is the EU's decision on November 13-14 regarding the timing of the implementation of the European Union's Forestry Regulation (EUDR).
The market is currently divided into two camps: one side argues that the EU should implement the EUDR as planned to uphold its climate change commitments (IPCC), while the other proposes postponing its implementation as suggested by the European Commission (EC).
World coffee prices today
At the close of the most recent trading session, Robusta coffee prices in London for November 2024 delivery fell by $13/ton to $4,363/ton, while prices for January 2025 delivery remained stable at $4,318/ton.
Arabica coffee prices for December 2024 delivery increased by 1.25 cents/lb to 254.60 cents/lb, while those for March 2025 delivery increased by 1.40 cents/lb to 254.50 cents/lb.
Leading coffee-producing countries all recorded growth in coffee exports in October compared to the same period last year. The Brazilian government announced exports of over 270,300 tons of green coffee beans, up nearly 12%. Colombia achieved a production of 1.33 million bags (60kg), up 16%, of which exports reached 1.04 million bags, up 15%. Honduras exported over 35,200 bags (60kg), up 41.7%, while Vietnam estimated exports of over 44,000 tons, up 1.5%.
These data indicate that global coffee supply is gradually stabilizing, easing upward price pressure. Coffee inventories in Europe are also improving thanks to recent increases in imports. According to the European Coffee Federation (ECF), coffee inventories in the European Union (EU) reached 8.85 million bags (60kg) by the end of August, marking the fifth consecutive month of increase.
The International Coffee Organization (ICO) also reported that global coffee exports in September reached nearly 10.8 million bags, up 24.9% from September 2023. For the 2023-2024 crop year, total global coffee exports reached 137.3 million bags, an 11.7% increase compared to the previous year.
