Coffee price today August 26, 2024: Last week, prices increased sharply due to the decrease in the USD
Coffee price today, August 26, is around 119,000 - 119,800 VND/kg. Last week, coffee price increased from 1,700 to 1,800 VND/kg due to the sharp decrease in USD exchange rate.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 119,000 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 119,800 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 119,700 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 119,800 VND/kg in Gia Nghia and 119,700 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 119,800 VND/kg (Chu Prong), in Pleiku and La Grai the price is 119,700 VND/kg.
Today's coffee price in Kon Tum province is purchased at 119,800 VND/kg.
The domestic coffee market last week increased slightly from 1,700 to 1,800 VND compared to the same time yesterday.
The decline in the US dollar has contributed to the rise in coffee prices this week. Although the domestic coffee trading market is quiet, coffee prices are supported by slowing exports from Vietnam.
Federal Reserve Chairman Jerome Powell made comments last week that led to a drop in the value of the dollar. The US central bank is expected to cut interest rates in September.
Dealers say the outlook for the robusta crop in Vietnam, the world’s top producer of the bean, is positive, with coffee exports forecast to hit a record $5 billion by 2024.
Vietnam's domestic Robusta coffee prices are 24% to 30% higher than those of Brazilian Robusta coffee.
At the end of the week, the price of Robusta coffee in London for September 2024 delivery increased by 500 USD/ton, at 5,128 USD/ton, and for November 2024 delivery increased by 309 USD/ton, at 4,715 USD/ton.
Last week, Arabica coffee prices for September 2024 delivery increased by 4.80 cents/lb, to 247.30 cents/lb, and for December 2024 delivery increased by 3.80 cents/lb, to 244.80 cents/lb.
Coffee prices initially fell in the final trading session of the week but then recovered strongly, with robusta coffee prices hitting new highs, giving farmers hope for the new crop.
According to a Reuters survey of analysts, the coffee market is likely to continue to increase in price until the end of the year, with New York coffee prices forecast at around 260 cents/pound (up 7.04%) and London at around $4,750 (up 3.85%). Certified Arabica coffee in New York decreased by 4,063 bags, bringing total inventories to 838,167 bags.
The UK will be on a Bank Holiday today 26/8, so the London Robusta market will be closed and the New York market will operate independently on that day.
