Coffee prices today, September 2nd, 2024: Stable at the start of the week.
Coffee prices today, September 2nd, range from 121,000 to 122,100 VND/kg, remaining unchanged in some provinces compared to the end of last week.
Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 121,000 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 121,900 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 121,800 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 122,100 VND/kg in Gia Nghia and 122,000 VND/kg in Dak R'lap.
In Gia Lai province, today's coffee price is 121,900 VND/kg (Chu Prong), while in Pleiku and La Grai it is 121,800 VND/kg.
Meanwhile, the price of coffee today in Kon Tum province is being purchased at 121,900 VND/kg.
The domestic coffee market remained stable compared to the same time yesterday.
In the first half of August 2024, Vietnam exported 37,000 tons of coffee abroad. The average price of exported coffee reached a new high of US$5,293 per ton, an 81% increase compared to last year.
Since the beginning of the 2023-2024 crop season, total coffee exports have exceeded 1.3 million tons. This export volume accounts for 90% of the total production for the current crop season. Compared to the previous season, coffee exports have decreased by 12.4%.
At the close of the most recent trading session, Robusta coffee prices in London for September 2024 delivery rose by $47/ton to $4,948/ton, and for November 2024 delivery rose by $37/ton to $4,729/ton.
Arabica coffee prices for September 2024 delivery fell by 3.55 cents/lb to 244.05 cents/lb, and for December 2024 delivery fell by 3.10 cents/lb to 242.10 cents/lb.
At the end of August 2024, the price of Robusta coffee for November delivery increased by $832/ton. The price of Arabica coffee for December delivery also increased by 15.9 cents/pound.
One key reason for the rise in Robusta coffee prices is strong import demand from Europe, with traders and roasters scrambling to stockpile ahead of new EU anti-deforestation regulations coming into effect later this year.
Coffee imports are booming in Europe amid a vibrant coffee market. The price of Robusta coffee, commonly used in instant coffee production, has consistently reached new highs this year.
Factors such as high borrowing costs, container shortages, and longer shipping times also contribute to the increase in coffee prices.
