Coffee price today November 5, 2024: Down 500 VND/kg
Today's domestic coffee price, November 5, is at 105,500 - 106,000 VND/kg, down slightly by 500 VND/kg compared to yesterday. What is the reason for the price drop?
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 105,500 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 106,000 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 105,900 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 106,000 VND/kg in Gia Nghia and 105,900 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 105,900 VND/kg (Chu Prong), in Pleiku and La Grai the price is 105,800 VND/kg.
Today's coffee price in Kon Tum province is purchased at 105,900 VND/kg.
Experts and the Vietnam Coffee and Cocoa Association (Vicofa) believe that coffee prices are likely to decrease in the short term due to domestic and international fluctuations. This is a normal development of the coffee market in the current context. Therefore, experts recommend that businesses and growers be cautious in transactions and make reasonable plans to cope with these unpredictable fluctuations.
Many traders said that a surge in Robusta exports from Brazil this season has put pressure on prices. At the same time, abundant rain has helped Brazil’s coffee crop recover from a prolonged dry period, causing Arabica prices to fall further. The weakening of the Brazilian Real, which hit its lowest level in nearly three months against the dollar, has also contributed to the decline.
In Vietnam, the Robusta coffee harvest is underway, putting downward pressure on prices. Although the storm No. 6 passed without causing serious damage, the harvest progress is still guaranteed. Meanwhile, many coffee consumers complain that the high price of Vietnamese coffee makes them tend to switch to buying coffee from other countries, even if it is only a temporary solution. In the long run, customers still want to return to Vietnamese Robusta coffee because consumers are familiar with the characteristic flavor of this type of coffee.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 12 USD/ton, at 4,291 USD/ton, and for January 2025 delivery increased by 1 USD/ton, at 4,209 USD/ton.
Arabica coffee price for December 2024 delivery increased by 2.10 cents/lb, to 245.05 cents/lb, and for March 2025 delivery increased by 1.70 cents/lb, to 244.10 cents/lb.
Mr. Do Ha Nam, Vice President of the Vietnam Coffee and Cocoa Association (Vicofa), shared that after 30 years in the coffee industry, this is the first time he has witnessed so many unusual phenomena. Most notably, the price of Vietnamese coffee has become the highest in the world, something that has never happened before.
Coffee businesses also face many difficulties in delivering on time, leading to strong reactions from foreign partners. In particular, when coffee prices increase, the situation of losing goods during transportation also occurs, causing significant damage to businesses.
However, Mr. Nguyen Quang Binh, a coffee market expert, still assessed the 2023-2024 crop year as a “miracle crop year” for the Vietnamese coffee industry. With an export output of less than 1.5 million tons, the coffee industry has achieved a turnover of more than 5 billion USD. This success is attributed to farmers producing quality products with sufficient output, helping to maintain good prices in the market.
