Coffee prices today, October 28, 2024: Declining for the fourth consecutive week.

Domestic coffee prices today

Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 109,400 VND/kg.

In Cu M'gar district (Dak Lak), the price of coffee today is 109,800 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 109,700 VND/kg.

Similarly, in Dak Nong province, today's coffee prices are being purchased at 110,000 VND/kg in Gia Nghia and 109,900 VND/kg in Dak R'lap.

In Gia Lai province, today's coffee price is 109,800 VND/kg (Chu Prong), while in Pleiku and La Grai it is 109,700 VND/kg.

Meanwhile, the price of coffee today in Kon Tum province is being purchased at 109,800 VND/kg.

Towards the end of the harvest season, Vietnam is importing more and more coffee due to a shortage of domestic supply. In September, businesses imported 14,400 tons of coffee, worth nearly $65 million, an increase of 54% in volume and 132% in value compared to the same period last year.

Vietnam imports both green coffee beans (raw) and processed coffee. However, the average price of imported coffee is usually lower than the export price. Specifically, the average price of imported green coffee beans is US$4,194/ton, while the export price is US$5,022/ton.

For processed coffee (such as roasted and instant), Vietnam imported 1,265 tons at an average price of US$7,580 per ton, while the export price was US$9,269 per ton.

Businesses mainly import cheap raw coffee beans to produce instant coffee, and only a small portion is processed coffee for consumer use.

Vietnam's coffee supply mainly comes from Laos, Indonesia, Brazil, Colombia, Ethiopia, and Peru.

Despite a sharp increase in coffee imports, exports remained higher. In the recently concluded 2023-2024 coffee season, Vietnam's coffee industry recorded a trade surplus of over $4.9 billion.

World coffee prices today

At the close of the most recent trading session, Robusta coffee prices in London for November 2024 delivery rose by $62/ton to $4,430/ton, and for January 2025 delivery rose by $74/ton to $4,411/ton.

Arabica coffee prices for December 2024 delivery increased by 2.95 cents/lb to 248.40 cents/lb, while prices for March 2025 delivery increased by 3.05 cents/lb to 247.50 cents/lb.

Robusta coffee prices for November delivery fell by $272/ton, while Arabica coffee prices for December delivery decreased by 8.9 cents/lb. In the domestic market, coffee prices fell by an average of 1,000 VND/kg. This marks the fourth consecutive week of decline for Robusta coffee, with Arabica also experiencing a similar downward trend.

The price gap between NY and London has widened, with Arabica prices rising against Robusta. The main reason is the weakness of Robusta ahead of the new harvest from Vietnam, causing prices on the London market to fall below $5,000/tonne.

The 2024-2025 coffee crop year began in early October, and Robusta prices have fallen by approximately $1,000 per ton from their peak on September 27th. However, current prices remain the highest in 30 years and far exceed the $4,000 per ton predicted by many businesses when the Vietnamese coffee harvest began.

Favorable weather in Brazil, the weakening of the Real against the USD, and the supply from the new harvest in Vietnam continued to be factors contributing to the decline in coffee prices last week.

Typhoon Tra Mi (Typhoon No. 6) is moving towards central Vietnam, potentially causing heavy rain in Robusta coffee-producing areas, especially in the northern Central Highlands.

Although it is too early to assess the specific impact, heavy rains could cause fruit drop and affect harvesting, thereby raising market concerns about supply from Vietnam, which could drive coffee prices up next week.