Coffee price today August 21, 2024: Coffee continues to increase by 100 VND
Coffee prices today, August 21, ranged from 117,300 to 118,100 VND/kg, up slightly by 100 VND compared to yesterday. Vietnam spent 59 million USD to import 17,428 tons of coffee beans from Brazil - a record high import volume ever.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 117,300 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 118,100 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 118,000 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 118,100 VND/kg in Gia Nghia and 118,000 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 118,000 VND/kg (Chu Prong), in Pleiku and La Grai the price is 117,900 VND/kg.
Today's coffee price in Kon Tum province is purchased at 118,000 VND/kg.
The domestic coffee market increased slightly by 100 VND compared to the same time yesterday.
Farmers in the Central Highlands are optimistic about rising coffee prices, with the new harvest season just over a month away. For the first time, they have the opportunity to sell their coffee at high prices, possibly exceeding VND100,000/kg.
The price increase may be related to the European Union's (EU) new anti-deforestation regulation, which is expected to come into effect from January 1, 2025. This regulation requires agricultural products, including coffee, to prove their origin is not linked to deforestation in order to be imported into the EU market.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 116 USD/ton, at 4,824 USD/ton, and for November 2024 delivery increased by 91 USD/ton, at 4,567 USD/ton.
Arabica coffee prices for September 2024 delivery increased by 4.45 cents/lb to 250.35 cents/lb, and for December 2024 delivery increased by 4.45 cents/lb to 248.80 cents/lb.
Coffee prices continued their upward trend from last week, with significant gains on both major exchanges. The decline in the US dollar, which hit a seven-month low, contributed to the rise in coffee prices.
The US Dollar Index, which measures the strength of the greenback against six other major currencies, fell 0.61% to 101.85 points in the early morning of August 20. The USD exchange rate hit a seven-month low as the market awaits the speech of Fed Chairman Jerome Powell, who may announce an interest rate cut in September.
Favorable weather conditions in Brazil are also supporting rising coffee prices.
