Coffee price today August 31, 2024: Domestic price decreased, world price increased sharply

Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 120,600 VND/kg.

In Cu M'gar district (Dak Lak), the coffee price today is at 121,400 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 121,300 VND/kg.

Similarly in Dak Nong province, today's coffee purchase price is at 121,600 VND/kg in Gia Nghia and 121,500 VND/kg in Dak R'lap.

In Gia Lai province, coffee price today is at 121,600 VND/kg (Chu Prong), in Pleiku and La Grai the price is 121,500 VND/kg.

Today's coffee price in Kon Tum province is purchased at 121,600 VND/kg.

The domestic coffee market decreased by 400 VND compared to the same time yesterday.

From 31 December 2024, businesses exporting to the European Union (EU) will have to comply with new regulations on supply chains that do not cause deforestation and forest degradation (EUDR).

The EUDR aims to reduce the import and export of products linked to deforestation or forest degradation onto the EU market, in order to protect the environment and biodiversity. Only products that are not linked to deforestation and are produced legally can be imported into the EU.

Vietnamese businesses need to prepare and implement measures to comply with this regulation to avoid disruptions in exports.

Initially, the EU has identified seven main commodities: palm oil, soy, timber, cattle, cocoa, coffee and rubber, along with their derivatives. The list of goods and products will be updated periodically.

Among the commodities affected by this regulation, Vietnam has three main commodity groups: coffee, wood and rubber, with coffee being the most affected due to its large proportion in export turnover.

At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 145 USD/ton, at 5,046 USD/ton, and for November 2024 delivery increased by 108 USD/ton, at 4,800 USD/ton.

Arabica coffee prices for September 2024 delivery increased by 2.30 cents/lb to 249.90 cents/lb, and for December 2024 delivery increased by 2.45 cents/lb to 247.65 cents/lb.

Unfavorable weather, such as drought in Brazil, is reducing global coffee supplies. In Vietnam, coffee production is expected to decline as a result of severe drought earlier in the year.

Vietnam may have an advantage in the market due to its strict compliance with EU anti-deforestation regulations, creating opportunities for Vietnamese coffee in the near future.