Coffee price today August 24, 2024: Slight decrease of 1,000 VND/kg
Coffee price today, August 24, is around 117,500 - 118,300 VND/kg, down slightly 1,000 VND compared to yesterday.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 117,500 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 118,300 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 118,200 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 118,300 VND/kg in Gia Nghia and 118,200 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 118,300 VND/kg (Chu Prong), in Pleiku and La Grai the price is 118,200 VND/kg.
Today's coffee price in Kon Tum province is purchased at 118,300 VND/kg.
The domestic coffee market turned down slightly by 1,000 VND compared to the same time yesterday.
While the London exchange is about to reach the historic mark of 5,000 USD/ton, in fact, domestic prices in Vietnam have already surpassed this figure. Supply shortage is the main reason for this price increase.
Vietnam's robusta coffee is currently the most expensive in the world, but there is no product to sell until the new harvest season begins in a month.
Mr. Nguyen Nam Hai, Chairman of the Vietnam Coffee and Cocoa Association (VICOFA), commented that many other factors also contributed to the spike in coffee prices, including global military tensions, climate change and fluctuations in financial markets such as the recent increase in gold prices.
On current trends, coffee farmers in Vietnam can expect to sell their crop at high prices in the upcoming harvest season. Vietnam’s robusta coffee output for the 2024/2025 crop year is forecast to fall to 24 million bags, a 13-year low due to drought.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 78 USD/ton, at 4,981 USD/ton, and for November 2024 delivery increased by 44 USD/ton, at 4,618 USD/ton.
Arabica coffee prices for September 2024 delivery increased by 1.40 cents/lb to 244.30 cents/lb, and for December 2024 delivery increased by 1.30 cents/lb to 242.50 cents/lb.
Mr. Trinh Duc Minh, Chairman of Buon Ma Thuot Coffee Association, predicted that coffee output could decrease by another 15% compared to the previous crop.
The reasons for this decline include the shrinking of coffee growing areas and severe drought during the recent dry season, which prevented coffee cherries from growing to their normal size.
Mr. Le Thanh Son, Sales Director of Simexco DakLak, said that coffee prices will only adjust slightly and remain high, above VND100,000/kg, even if supply increases during the harvest season due to the impact of extreme weather.
