Coffee price today August 28, 2024: Slight increase of 200 VND
Coffee price today, August 28, is in the range of 119,400 - 120,400 VND/kg, continuing to increase slightly by 200 VND compared to yesterday.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 119,200 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 120,200 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 120,100 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 120,400 VND/kg in Gia Nghia and 120,300 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 120,200 VND/kg (Chu Prong), in Pleiku and La Grai the price is 120,100 VND/kg.
Today's coffee price in Kon Tum province is purchased at 120,200 VND/kg.
The domestic coffee market increased slightly by 200 VND compared to the same time yesterday.
Vietnam is leading the world in Robusta coffee exports. From the beginning of 2024 to August 15, 2024, Vietnam exported nearly 1.02 million tons of coffee, earning 3.8 billion USD. Compared to 2023, the export volume decreased by 12.1% but the value increased by 37.1%.
In the first 10 months of the 2023-2024 crop year, Vietnam exported more than 1.3 million tons of coffee, accounting for 90% of the crop output and down 12.4% compared to the previous crop year.
Due to the shortage, coffee export prices have skyrocketed, reaching a record $5,293 per tonne in early August, up 6.9% from July. Coffee export prices are expected to continue to rise due to the impact of drought on global coffee supplies.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 147 USD/ton, at 4,862 USD/ton, and for November 2024 delivery increased by 157 USD/ton, at 4,670 USD/ton.
Arabica coffee price for September 2024 delivery increased by 6.20 cents/lb, to 255.85 cents/lb, and for December 2024 delivery increased by 6.05 cents/lb, to 253.20 cents/lb.
Coffee roasters are facing rising costs for both major coffees. To maintain profits, they are sourcing cheap Arabica from Brazil and adding lower-priced beans to their blends.
Judy Ganes, a coffee analyst, notes that as prices rise, roasters often use more lower-quality coffee from Brazil.
The Financial Times reports that global coffee prices have risen to record highs due to unfavorable weather, increasing costs for consumers. Consumers may experience a change in the taste of their coffee due to changes in the coffee blend.
Roasters have started using more cheap robusta beans from 2021 to 2023 due to high arabica prices and ample robusta supplies, said Charles Hart, a commodities analyst. Lower inventories in Vietnam and Brazil have contributed to higher prices in 2024.
