Coffee prices today, October 31, 2024: Sharp drop of up to 2,100 VND/kg
Today, October 31st, domestic coffee prices are at 108,200 - 108,600 VND/kg, a sharp decrease of 1,800 to 2,100 VND/kg compared to yesterday.
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 108,200 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 108,600 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 108,500 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 108,600 VND/kg in Gia Nghia and 108,500 VND/kg in Dak R'lap.
In Gia Lai province, today's coffee price is 108,500 VND/kg (Chu Prong), while in Pleiku and La Grai it is 108,400 VND/kg.
Meanwhile, the price of coffee today in Kon Tum province is being purchased at 108,500 VND/kg.
In the first half of October 2024, according to data from the General Department of Customs, Vietnam exported 21,500 tons of coffee worth US$125.8 million. Compared to the first half of September, the export volume increased by 0.4% and the value increased by 7.5%. Notably, compared to the same period in October 2023, the export volume increased by 20.5% and the value increased by as much as 98.0%.
From the beginning of the year to mid-October 2024, coffee exports reached approximately 1.13 million tons, valued at $4.44 billion. Although export volume decreased by 11.1% compared to the same period last year, the value still increased by 39.1%. Currently, farmers in coffee-growing regions such as the Central Highlands, Northwest Vietnam, and Quang Tri province have begun harvesting and selling their first batch of coffee.
Robusta coffee production is a matter of interest for international buyers. However, regional surveys offer conflicting forecasts regarding yield. Some surveys indicate that early-year droughts have resulted in the death or low yields of many coffee plantations, while other reports suggest that farmers have provided better care due to high coffee prices. Therefore, Vietnam's Robusta production this year remains uncertain and subject to significant fluctuations, making the market even more unpredictable.
World coffee prices today
At the close of the most recent trading session, Robusta coffee prices in London for November 2024 delivery rose by $24/ton to $4,422/ton, and for January 2025 delivery rose by $20/ton to $4,332/ton.
Arabica coffee prices for December 2024 delivery fell by 0.70 cents/lb to 247.40 cents/lb, and for March 2025 delivery fell by 0.45 cents/lb to 246.80 cents/lb.
Coffee prices on the two international exchanges fell sharply compared to last week as the market closed trading positions. The main reasons were the strengthening US dollar and the fact that Typhoon No. 6 did not significantly affect the coffee harvest in Vietnam, causing the market to decline.
According to the Vietnam Coffee & Cocoa Association (VICOFA), Vietnam currently has over 500,000 coffee shops, ranging from small, independent establishments to modern coffee chains with upscale spaces and services. This diversity meets the varied and growing needs of domestic consumers.
It is projected that in the period 2024-2025, Vietnam's domestic coffee consumption will reach approximately 270,000-300,000 tons per year and continue to increase by about 6.6% per year until 2030. Meanwhile, coffee production in the 2024-2025 crop year is expected to reach 1.6 million tons. With high domestic demand but low production, the supply of raw materials for export will be affected. In the past crop year, Vietnam exported 1.45 million tons of coffee, earning 5.4 billion USD, while importing 140,000 tons of coffee worth 527 million USD, a significant increase compared to the previous crop year.
