Coffee price today September 5, 2024: Slight increase of 200 VND after a sharp decrease
Coffee prices today, September 5, range from 117,200 - 118,300 VND/kg, coffee prices increased slightly by 200 VND/kg after a day of sharp decline.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 117,200 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 118,100 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 118,000 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 118,300 VND/kg in Gia Nghia and 118,200 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 118,000 VND/kg (Chu Prong), in Pleiku and La Grai the price is 117,900 VND/kg.
Today's coffee price in Kon Tum province is purchased at 118,000 VND/kg.
The domestic coffee market increased slightly compared to the same time yesterday.
Experts predict that, at current prices of around $5,000 per tonne, coffee exports could reach an additional $1.5 - $2 billion in the last four months of 2024, continuing to break records.
Dak Lak 2-9 Import-Export Company Limited (Simexco) has taken measures to collect data on coffee growing areas and comply with the necessary legal procedures as prescribed by EUDR. Within 9 months, Simexco has received two certificates from the 4C Organization for two coffee growing areas, with a total area of 9,500 hectares and an output of over 35,000 tons per year.
Mr. Le Duc Huy, General Director of Simexco, said that the company has been developing sustainable coffee growing areas for the past 15 years, working with 40,000 households, managing a 50,000-hectare joint area and producing more than 100,000 tons of coffee annually. Sustainable coffee production makes it easy for Simexco to adapt to EUDR regulations.
Dak Lak was selected as a model locality to develop EUDR-compliant models, with the aim of expanding nationwide. Dak Lak province is completing its production and forest data systems to meet EU requirements, starting with the three districts of Krong Nang, Ea H'leo, and Cu M'gar.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 114 USD/ton, at 4,824 USD/ton, and for November 2024 delivery increased by 77 USD/ton, at 4,590 USD/ton.
Arabica coffee prices for September 2024 delivery decreased by 0.35 cents/lb, to 242.45 cents/lb, and for December 2024 delivery decreased by 0.35 cents/lb, to 240.70 cents/lb.
Coffee imports into Europe are likely to decline as importers do not want to risk late deliveries or non-EUDR compliance.
European coffee roasters are rushing to stockpile coffee, fearing a supply shortage as early as 2025, said Ricardo Dos Santos, director of Riccoffee.
He also said that after October, few traders would want to take the risk of shipping coffee to Europe, especially when the shipments were not certified to the EUDR standard.
