Coffee price today September 4, 2024: Sharp decrease of 4,000 VND/kg due to no transactions
Coffee price today, September 4, is in the range of 121,000 - 122,100 VND/kg, coffee price suddenly dropped sharply by 4,000 VND/kg in some provinces compared to yesterday.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 117,000 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 117,900 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 117,800 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 118,100 VND/kg in Gia Nghia and 118,000 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 117,800 VND/kg (Chu Prong), in Pleiku and La Grai the price is 117,700 VND/kg.
Today's coffee price in Kon Tum province is purchased at 117,800 VND/kg.
The domestic coffee market is stable compared to the same time yesterday.
Coffee prices have recently eased after rising steadily in August and reaching record highs. The decline is believed to be due to profit-taking by investors, leading to selling and cooling the market.
However, coffee supply is still not enough to meet demand, and the EU's EUDR anti-deforestation regulation will be implemented from early next year, causing the demand for imported coffee to increase. This signals that coffee prices are likely to continue to increase in the coming time.
Vietnam strictly complies with the EUDR, which has great opportunities to expand the coffee market, especially in the EU. In addition, the demand for coffee consumption in Asian countries is also on the rise, opening up a new direction for the Vietnamese coffee industry.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 64 USD/ton, at 4,764 USD/ton, and for November 2024 delivery increased by 76 USD/ton, at 4,565 USD/ton.
Arabica coffee price for September 2024 delivery decreased by 2.30 cents/lb, at 241.75 cents/lb, and for December 2024 delivery decreased by 2.25 cents/lb, at 239.85 cents/lb.
On the London exchange, speculators have intensified their sell-off. Expert Nguyen Quang Binh pointed out that this action comes from large hedge funds accumulating many short contracts for a long time without liquidating them.
The price difference between the two exchanges has led to this adjustment. Hedge funds are trying to rebalance after a month of buying without corresponding liquidation.
Meanwhile, the US dollar held steady, near its highest level in nearly two weeks. Investors' attention is focused on the US employment report, expected to be released later in the week, putting pressure on coffee prices, causing them to fall in the first trading session of the week.
