Coffee price today October 28, 2024: Decreased for the 4th consecutive week
Today's domestic coffee price on October 28 is at 109,400 - 110,000 VND/kg, down an average of 1,000 VND/kg last week. At the end of the week, Robusta coffee futures for November delivery decreased by 272 USD/ton. Arabica coffee futures for December delivery decreased by 8.9 cents/lb.
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.
At the end of the season, Vietnam imported more and more coffee due to the shortage of domestic supply. In September, businesses imported 14,400 tons of coffee, reaching a value of nearly 65 million USD, up 54% in volume and 132% in value compared to the same period last year.
Vietnam imports both green coffee (raw material) and processed coffee. However, the average price of imported coffee is often lower than the export price. Specifically, the average price of imported green coffee is 4,194 USD/ton, while the export price is 5,022 USD/ton.
For processed coffee (such as roasted and instant), Vietnam imported 1,265 tons at an average price of 7,580 USD/ton, while the export price was 9,269 USD/ton.
Businesses mainly import cheap raw coffee to produce instant coffee, and only a small part is processed coffee for consumption.
Coffee supplies for Vietnam mainly come from Laos, Indonesia, Brazil, Colombia, Ethiopia and Peru.
Despite the sharp increase in coffee imports, exports remain higher. In the 2023-2024 coffee crop year that just ended, the Vietnamese coffee industry had a trade surplus of more than 4.9 billion USD.
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.
Robusta coffee for November delivery fell $272 per ton, while Arabica coffee for December delivery fell 8.9 cents per lb. Domestically, coffee prices fell by an average of VND1,000 per kg. This is the fourth consecutive week of decline for Robusta coffee, and Arabica coffee has also recorded a similar downward trend.
The price gap between NY and London has widened, as Arabica prices have risen relative to Robusta. This is mainly due to the weakness of Robusta in the face of a new harvest from Vietnam, which has caused prices in the London market to fall below $5,000/ton.
The 2024-2025 coffee crop began in early October, and Robusta prices have fallen by about $1,000 per ton from their peak on September 27. However, the current price is still the highest in the past 30 years and far exceeds the $4,000 per ton forecast by many businesses when the Vietnamese coffee harvest began.
Favorable weather in Brazil, the weakening of the Real against the USD, and supply from the new harvest in Vietnam, continued to be factors that caused coffee prices to fall last week.
Storm Tra Mi (storm No. 6) is moving towards Central Vietnam, likely causing heavy rain in Robusta coffee producing areas, especially the Northern Central Highlands.
While it is too early to assess the specific impact, heavy rains could cause fruit to fall and affect the harvest, thereby raising market concerns about supply from Vietnam, which could push up coffee prices next week.
