Coffee price today October 27, 2024: Strong increase to 1,200 VND/kg
Today's domestic coffee price, October 27, is at 109,400 - 110,000 VND/kg. Today's coffee price has increased sharply again from 1,000 to 1,200 VND/kg compared to yesterday.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 109,400 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 109,800 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 109,700 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 110,000 VND/kg in Gia Nghia and 109,900 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 109,800 VND/kg (Chu Prong), in Pleiku and La Grai the price is 109,700 VND/kg.
Today's coffee price in Kon Tum province is purchased at 109,800 VND/kg.
Mr. Nguyen Quang Binh, a coffee market expert, commented that 2024 will be a year of fluctuations for the Vietnamese and world coffee markets. Coffee prices are increasing at an unprecedented rate, bringing great benefits to farmers, but at the same time causing many businesses to face difficulties and losses. The market still has many potential fluctuations, requiring the coffee industry to quickly adjust to maintain a steady direction, in order to maintain stable and sustainable growth.
According to Mr. Binh, an important task of the Vietnamese coffee industry in the coming time is to overcome loopholes in the supply chain, thereby regaining prestige with export partners. On the farmers' side, improving coffee quality should be prioritized instead of massively expanding the cultivation area, avoiding the situation of oversupply. This will help stabilize the supply and support long-term market development.
For businesses, in addition to focusing on purchasing and exporting raw products, it is necessary to increase investment in deep processing and developing value-added coffee products. This will contribute to the sustainable growth of the Vietnamese coffee industry in the long term, creating higher value for the supply chain and increasing benefits for both farmers and businesses.
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 62 USD/ton, at 4,430 USD/ton, and for January 2025 delivery increased by 74 USD/ton, at 4,411 USD/ton.
Arabica coffee prices for December 2024 delivery increased by 2.95 cents/lb to 248.40 cents/lb, and for March 2025 delivery increased by 3.05 cents/lb to 247.50 cents/lb.
Coffee prices have adjusted up in the last trading session of the week due to the buying and selling orders pushing prices to high levels. However, on a weekly basis, Robusta coffee prices have shown signs of continuous decline in the past four weeks, while Arabica coffee prices have also decreased compared to the previous week.
Technically, the outlook suggests that coffee prices in both markets could continue to decline if there is no further positive news in the coming week. Recent short-term rains in Brazil have helped alleviate the lack of moisture that has been putting downward pressure on coffee prices. Brazil’s Minas Gerais region recorded 115% of its historical average rainfall last week, according to Somar Meteorologia, with significant rains expected starting Friday.
Additionally, Tropical Storm Tra Mi is forecast to bring heavy rains to Robusta coffee growing areas in Vietnam, especially the northern Central Highlands. While it is too early to assess the exact extent of the impact, heavy rains are forecast to cause coffee cherries to fall and disrupt current harvesting activities.
