Coffee price today November 24, 2024: Robusta coffee price increases close to historic level
Today's domestic coffee price, November 24, is at 117,000 - 117,500 VND/kg, a sharp increase of 2,000 VND/kg. Robusta coffee price increased by 198 USD to reach 5,000 USD/ton, almost reaching a historical milestone.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 117,000 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 117,500 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 117,400 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 117,500 VND/kg in Gia Nghia and 117,400 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 117,400 VND/kg (Chu Prong), in Pleiku and La Grai the price is 117,300 VND/kg.
Today's coffee price in Kon Tum province is purchased at 117,400 VND/kg.
According to VICOFA, in the first 15 days of November, Vietnam exported 20,933 tons of coffee, reaching a turnover of 121.79 million USD. Although down 44.8% in volume, export value increased 1.8% compared to the same period last year. Mainly Robusta coffee (16,293 tons, 80.67 million USD) and decaffeinated coffee (1,520 tons, 10.17 million USD).
From the beginning of the year to November 15, Vietnam exported 1.17 million tons of coffee, down 13.5% in volume but up 38.1% in value, mainly thanks to Robusta (964,610 tons, 3.48 billion USD). However, November this year recorded an unusual decrease in export output despite rising coffee prices.
Mr. Hai explained: High coffee prices have caused supply and demand to not find common ground, causing many transactions to stagnate. Traders are “holding back” goods, waiting for prices to increase, while international buyers are still stockpiling. However, he predicted that from late November to December, when harvests increase and prices stabilize, export output will recover.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 198 USD/ton, at 4,985 USD/ton, and for January 2025 delivery increased by 191 USD/ton, at 4,923 USD/ton.
Arabica coffee price for December 2024 delivery increased by 6.40 cents/lb, at 302.10 cents/lb, and for March 2025 delivery increased by 6.45 cents/lb, at 299.60 cents/lb.
The recent increase in world coffee prices is due to many reasons such as climate change, El Nino phenomenon causing drought in coffee growing areas, leading to reduced supply. In addition, global military conflicts increase transportation and export costs.
Tight Robusta supplies, combined with an 11.6% drop in Vietnam’s coffee exports in October, have pushed Robusta prices back up to $5,000 a tonne. Supply forecasts for the coming crop year are improving in some countries, but the supply-demand balance remains unbalanced and coffee prices are likely to remain high for the foreseeable future.
Climate continues to pose a major challenge to global coffee production. Brazilian plantations are facing severe flower drop, while growers are limiting sales of the 2024 crop to the Chinese market. The final months of 2024 will also see a sharp increase in coffee trading.
