Coffee price today October 16, 2024: Sharp increase to 1,300 VND/kg
Today's domestic coffee price, October 16, is at 114,300 - 114,900 VND/kg. Today's coffee price increased sharply from 1,200 to 1,300 VND/kg compared to yesterday. Coffee price is expected to stabilize at a new high of 4,000 USD/ton.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 114,300 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 114,700 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 114,600 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 114,900 VND/kg in Gia Nghia and 114,800 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 114,800 VND/kg (Chu Prong), in Pleiku and La Grai the price is 114,700 VND/kg.
Today's coffee price in Kon Tum province is purchased at 114,800 VND/kg.
In the first nine months of the year, Vietnam exported 1.1 million tons of coffee, earning more than $4.3 billion. Compared to the same period last year, the export volume decreased by 11.7% but the value increased by 38.7%. Despite the decrease in output, the increase in coffee prices helped export turnover surpass $4.24 billion in 2023, reaching a new record.
By the end of the 2023-2024 crop year, Vietnam will export 1.47 million tons of coffee, down 11.3% compared to the previous crop year. The export value this crop year increased by 33% to reach 5.42 billion USD, the highest ever, thanks to the average export price being 50% higher, at 3,673 USD/ton.
Coffee was the agricultural product with the strongest price increase, with export prices in September reaching $5,469/ton, a record high, up 5.8% from the previous month and 68.7% compared to the same period last year. The decline in production and increasing global demand for robusta coffee are the main reasons for the high coffee prices, especially in the 2023-2024 crop year. Vietnam, the world's leading producer and exporter of robusta coffee, has benefited from this price increase.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 1 USD/ton, at 4,970 USD/ton, and for January 2025 delivery increased by 5 USD/ton, at 4,848 USD/ton.
Arabica coffee price for December 2024 delivery decreased by 1.70 cents/lb, at 260.35 cents/lb, and for March 2025 delivery decreased by 1.45 cents/lb, at 259.10 cents/lb.
Coffee prices on both exchanges rose sharply in the first session of the week. Rapidly decreasing inventories on both exchanges and excess buying positions from last week were the main factors driving up coffee prices. Rains in Brazil were not as expected, but helped Arabica coffee prices recover.
Some regions in Vietnam have begun harvesting early-ripening coffee. According to the International Coffee Organization (ICO), Vietnam's coffee exports fell 12.1% year-on-year to just 24.09 million bags in the first 11 months of the 2023/24 crop year. This shows that among the major sources of global coffee exports, only Vietnamese coffee has a real crop failure.
Mr. Phan Minh Thong, founder of Phuc Sinh Coffee, predicted that coffee prices will be more stable from October, no longer fluctuating strongly. However, coffee prices are expected to stabilize at a new high, around 4,000 USD/ton, equivalent to 90-100 million VND/ton for Vietnamese raw coffee.
