Coffee price today September 16, 2024: Price increases without stopping
Coffee prices today, September 16, are in the range of 123,500 - 124,000 VND/kg, continuing to increase by 2,000 VND/kg. Coffee export prices hit a record of over 5,000 USD.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 123,500 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 124,000 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 123,900 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 124,000 VND/kg in Gia Nghia and 123,900 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 123,900 VND/kg (Chu Prong), in Pleiku and La Grai the price is 123,800 VND/kg.
Today's coffee price in Kon Tum province is purchased at 123,900 VND/kg.
A month ago, no one thought Robusta coffee prices could break $5,000 a ton, but now it has. Dry weather in Brazil has reduced soil moisture, raising concerns about the health of coffee trees and the potential for next season’s harvest. Brazilian coffee producers have slowed sales after increasing sales last month, taking advantage of favorable prices.
According to a SAFRAS survey, as of September 10, producers had sold 54% of their 24/25 crop, up 14% from the previous month. Current sales levels are higher than the same period last year, when they reached 50%, and also higher than the five-year average from 2019 to 2023.
Coffee prices remain high and uncertainty about next season’s production has kept farmers in a tight spot. Unless prices fall sharply, farmers will continue to maintain their current business strategies.
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 190 USD/ton, at 5,267 USD/ton, and for January 2025 delivery increased by 182 USD/ton, at 4,998 USD/ton.
Arabica coffee price for December 2024 delivery increased by 10.05 cents/lb, at 259.45 cents/lb, and for March 2025 delivery increased by 9.60 cents/lb, at 256.60 cents/lb.
Last week, Robusta coffee prices for November delivery increased by $497 per ton. Arabica coffee prices for December delivery also increased by 23.45 cents per pound. In the domestic market, the average coffee price increased by about VND6,000 per kilogram.
Experts say coffee prices are remaining stable at high levels due to weather concerns and a decline in the US dollar index from July 2024.
Expectations of a rate cut by the US Federal Reserve (Fed) have reduced the value of the USD, thereby stimulating demand for goods. The Fed is expected to announce its interest rate decision on September 19. Investors hope that the Fed will decide to cut interest rates at the upcoming meeting.
