Coffee price today September 3, 2024: Coffee price drops sharply at 2 trading floors
Coffee prices today, September 3, range from 121,000 - 122,100 VND/kg, stable in some provinces compared to yesterday. World coffee prices on the two exchanges fell sharply.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 121,000 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 121,900 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 121,800 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 122,100 VND/kg in Gia Nghia and 122,000 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 121,900 VND/kg (Chu Prong), in Pleiku and La Grai the price is 121,800 VND/kg.
Today's coffee price in Kon Tum province is purchased at 121,900 VND/kg.
The domestic coffee market is stable compared to the same time yesterday.
The Vietnam Coffee and Cocoa Association reported that while the increase in coffee prices is good news, coffee output has decreased by 20% compared to last year due to drought and disease affecting major coffee growing areas.
Due to the decline in output, Vietnam's coffee exports in the last months of the year are expected to face many difficulties.
Coffee prices are expected to continue rising until the new harvest season begins in October and November due to the current shortage of coffee supplies. Economists warn that hoarding coffee for speculation could lead to unfair competition and undermine the stability of the coffee industry.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery decreased by 248 USD/ton, at 4,700 USD/ton, and for November 2024 delivery decreased by 232 USD/ton, at 4,497 USD/ton.
Arabica coffee price for September 2024 delivery decreased by 3.55 cents/lb, at 244.05 cents/lb, and for December 2024 delivery decreased by 3.10 cents/lb, at 242.10 cents/lb.
Coffee prices have been rising steadily on both markets over the past four weeks. Recently, the New York market has shown a short-term downward trend.
London has also seen some losses in its run of gains, which could be a sign that further gains in both markets are about to become more difficult, at least in the short term.
