Coffee price today September 6, 2024: Strong increase of 2,200 VND, opposite to pepper price
Coffee price today, September 6, is in the range of 119,400 - 120,500 VND/kg, coffee price suddenly increased sharply by 2,200 VND/kg, in contrast to pepper price today which decreased sharply by 3,000 VND.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 119,400 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 120,200 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 120,100 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 120,500 VND/kg in Gia Nghia and 120,400 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 120,200 VND/kg (Chu Prong), in Pleiku and La Grai the price is 120,100 VND/kg.
Today's coffee price in Kon Tum province is purchased at 120,200 VND/kg.
The domestic coffee market increased sharply compared to the same time yesterday. In contrast, pepper prices decreased sharply by 3,000 VND/kg compared to the same time yesterday.
Currently, the supply of robusta coffee in Vietnam is very limited, affecting sales speed and trading activities in the domestic market.
Coffee prices have rebounded, hitting new highs after falling earlier in the week. Robusta, in particular, rebounded in yesterday’s trading session, showing that when inventories are low, coffee prices are volatile and highly sensitive to unfavorable news.
There was news yesterday that the rainfall in Brazil has not been enough to ease the recent drought.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 25 USD/ton, at 4,937 USD/ton, and for November 2024 delivery increased by 37 USD/ton, at 4,712 USD/ton.
Arabica coffee prices for September 2024 delivery increased by 2.90 cents/lb to 246.60 cents/lb, and for December 2024 delivery increased by 2.75 cents/lb to 244.75 cents/lb.
The number of Arabica coffees graded and certified on the New York exchange fell significantly, with 34,139 bags remaining, leaving only 813,734 bags. This is a large drop compared to the previous average, although there were signs of improvement.
On the London exchange, the number of certified robusta coffee also decreased by 22,667 bags, down to 1,006,000 bags as of September 2, 2024.
The large drawdown in inventories in both markets could increase market sensitivity to rumors that could drive up coffee prices.
