Coffee prices today, August 21, 2024: Coffee continues to increase by 100 VND.
Coffee prices today, August 21st, range from 117,300 to 118,100 VND/kg, a slight increase of 100 VND compared to yesterday. Vietnam spent 59 million USD to import 17,428 tons of green coffee beans from Brazil – a record high import volume.
Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 117,300 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 118,100 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is also 118,000 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 118,100 VND/kg in Gia Nghia and 118,000 VND/kg in Dak R'lap.
In Gia Lai province, today's coffee price is 118,000 VND/kg (Chu Prong), while in Pleiku and La Grai it is 117,900 VND/kg.
Meanwhile, the price of coffee today in Kon Tum province is being purchased at 118,000 VND/kg.
The domestic coffee market saw a slight increase of 100 dong compared to the same time yesterday.
Farmers in the Central Highlands are very 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 coffee at high prices, potentially exceeding 100,000 VND/kg.
This price increase may be related to new European Union (EU) regulations against deforestation, expected to come into effect on January 1, 2025. These regulations require agricultural products, including coffee, to demonstrate that their origin is free from deforestation in order to be imported into the EU market.
At the close of the most recent trading session, Robusta coffee prices in London for September 2024 delivery rose by $116/ton to $4,824/ton, and for November 2024 delivery rose by $91/ton to $4,567/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 maintained their upward trend from last week, with significant gains on both major exchanges. The decline of the US dollar, which hit its lowest level in seven months, contributed to the rise in coffee prices.
The US Dollar Index, which measures the strength of the USD against six other major currencies, fell 0.61% to 101.85 points in the early hours of August 20th. The USD exchange rate reached its lowest level in seven months as the market awaited a statement from Federal Reserve Chairman Jerome Powell, who may announce an interest rate cut in September.
Favorable weather conditions in Brazil are also supporting the rise in coffee prices.
