Coffee prices today, December 29, 2024: Sharp decline.
Today, December 29th, domestic coffee prices are at 120,300 - 121,000 VND/kg, a sharp decrease of 1,200 to 1,300 VND/kg compared to yesterday.
Domestic coffee prices today
Specifically, today's coffee price in Dak Lak decreased by 1,200 VND/kg, reaching 120,800 VND/kg.
Coffee prices in Lam Dong also decreased by 1,200 VND/kg today, reaching 120,300 VND/kg.
Similarly, today's coffee price in Gia Lai decreased by 1,200 VND/kg, reaching 120,800 VND/kg.
Today's coffee price in Dak Nong reached its highest level after a decrease of 1,300 VND/kg, at 121,000 VND/kg.
Domestic coffee prices are facing setbacks as international coffee prices fall. However, Vietnamese farmers are not currently under pressure from sales thanks to their stable finances and ability to store coffee for extended periods.
Furthermore, from now until April 2025, Vietnam will remain the world's main coffee supplier, while other countries have not yet entered their harvest season.
According to the agricultural market report of the Import-Export Department (Ministry of Industry and Trade), the coffee harvest in the Central Highlands provinces in mid-December 2024 was severely affected by widespread unseasonal rains. The heavy rainfall at this time is causing concern about coffee production for the next crop year.
World coffee prices today
At the close of the most recent trading session, Robusta coffee prices in London for March 2025 delivery fell by $88/ton to $4,953/ton, and for May 2025 delivery fell by $69/ton to $4,884/ton.
Arabica coffee prices for March 2025 delivery fell by 2 cents/lb to 322.65 cents/lb, and for May 2025 delivery fell by 2.1 cents/lb to 317.6 cents/lb.
Following the Christmas holiday, coffee prices on both exchanges weakened. According to expert Nguyen Quang Binh, the main reason is that speculators increased selling to lock in profits after a year of significant gains from coffee. This pushed coffee prices down on both exchanges in the final trading sessions of the year.
Besides speculative factors, increased coffee supply from the Vietnamese harvest and the sustained high value of the US dollar have also contributed to the decline in coffee prices. These factors have strongly impacted the coffee market recently.
In 2023, coffee prices increased by as much as 70%, and 2024 continued to witness significant fluctuations in both domestic and international markets. Coffee prices continuously set new records, currently nearly double what they were at the beginning of the year. The main reason is the significant decline in supply from major producing countries such as Vietnam and Brazil.
