Coffee price today September 23, 2024: World coffee prices continue to fall sharply
Today, September 23, domestic coffee prices are at 119,500 - 120,000 VND/kg. World coffee prices continue to fall sharply due to stronger liquidation on the two floors.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 119,500 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 120,000 VND/kg. In Ea H'leo district (Dak Lak), Buon Ho (Dak Lak), the coffee price today is purchased at the same level of 119,900 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 120,000 VND/kg in Gia Nghia and 119,900 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 120,000 VND/kg (Chu Prong), in Pleiku and La Grai the price is 119,900 VND/kg.
Today's coffee price in Kon Tum province is purchased at 120,000 VND/kg.
Robusta coffee for November delivery fell $217 per ton last week. Arabica coffee for December delivery also fell 8.7 cents per pound. Domestically, coffee prices fell an average of VND4,000 per kilogram.
Despite the US Federal Reserve (Fed) cutting interest rates for the first time in four years, coffee prices on both exchanges still fell sharply. Experts said that this price drop was predicted in advance and did not surprise the market.
In Lam Dong and Dak Lak, coffee cherries have begun to ripen. Although yields are expected to fall slightly due to drought at the beginning of the year, current coffee prices still ensure higher incomes for growers. Production is forecast to increase from October and exports could reach $6 billion.
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery decreased by 189 USD/ton, at 5,059 USD/ton, and for January 2025 delivery decreased by 186 USD/ton, at 4,803 USD/ton.
Arabica coffee price for December 2024 delivery decreased by 10.90 cents/lb, at 250.75 cents/lb, and for March 2025 delivery decreased by 11.05 cents/lb, at 248.65 cents/lb.
In the market euphoria of the Fed’s interest rate cut, speculators and investment funds bought and hoarded coffee, leading to a rise of $497 per ton for Robusta coffee and 23.45 cents per pound for Arabica coffee in the previous week. Domestic coffee prices also increased by an average of VND6,000 per kg.
However, forecasts of rain in Brazil over the weekend prompted two exchanges to sell off coffee, sending prices tumbling. Rain is forecast in Brazil’s coffee-growing regions next week, just as coffee plants need water to flower, a crucial stage for Brazil’s crop.
In addition, the high price of precious metals such as gold has attracted investment capital away from other markets, including the coffee market.
