Coffee prices today, December 7, 2024: Rising sharply again.
Today, December 7th, domestic coffee prices are at 118,500 - 120,200 VND/kg, continuing their strong upward trend with increases of 5,000 to 5,700 VND/kg. Vietnam's coffee exports are projected to exceed US$5.5 billion in 2024.
Domestic coffee prices today
Specifically, the price of coffee in Dak Lak today increased by 5,500 VND/kg compared to yesterday, reaching 120,000 VND/kg.
Coffee prices in Lam Dong today also increased by 5,000 VND/kg compared to yesterday, reaching 118,500 VND/kg.
Similarly, the price of coffee in Gia Lai today increased by 5,700 VND/kg compared to yesterday, reaching 120,000 VND/kg.
Coffee prices in Dak Nong today remain at their highest level, increasing by 5,500 VND/kg compared to yesterday, reaching 120,200 VND/kg.
Vietnam's coffee export industry is making strong progress and is expected to reach over $5.5 billion in 2024, the highest level ever. This is a major achievement, affirming Vietnam's position in the global coffee market.
According to the Vietnam Coffee and Cocoa Association, the country has exported coffee to more than 80 countries, including 10 markets with export turnover exceeding $100 million.
The European Union (EU) remains Vietnam's largest coffee export market in the 2023-2024 crop year, with a value reaching US$2 billion, a 41% increase compared to the previous year. The EU accounts for approximately 38% of Vietnam's coffee exports and 37% of its export value, demonstrating the importance of this market to the Vietnamese coffee industry.
Vietnam is currently the world's largest producer of Robusta coffee and ranks second in export volume, after Brazil. Vietnamese coffee's market share is increasingly recognized globally.
However, the current sharp increase in coffee prices is mainly due to limited supply and high demand, especially as some major exporting countries like Vietnam and Brazil are affected by drought.
World coffee prices today
At the close of the most recent trading session, Robusta coffee prices in London for November 2024 delivery rose by $160/ton compared to yesterday, reaching $5,055/ton, while prices for January 2025 delivery increased by $142/ton compared to yesterday, reaching $5,015/ton.
Arabica coffee prices for December 2024 delivery increased by 7.85 cents/lb compared to yesterday, reaching 321.35 cents/lb, while March 2025 delivery increased by 7.20 cents/lb compared to yesterday, reaching 318.50 cents/lb.
According to a recent report by the International Coffee Organization (ICO), the global coffee price index (I-CIP) in November averaged 270.7 US cents/pound, up 8% from the previous month and up 67.6% year-on-year.
This price increase was primarily driven by concerns about global coffee supply, especially after Tropical Storm Sara caused significant damage in Central American countries in mid-November.
