Coffee price today 11/8/2024: Sharp decrease domestically, sharp increase internationally
Today's domestic coffee price, November 8, is at 105,500 - 106,000 VND/kg, down sharply by 1,000 VND/kg compared to yesterday. International coffee prices on the two exchanges increased sharply.
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 106,000 VND/kg (Chu Prong), in Pleiku and La Grai the price is 105,900 VND/kg.
Today's coffee price in Kon Tum province is purchased at 106,000 VND/kg.
The US dollar has surged to a four-month high since Donald Trump took office, as economic activity expects Trump's immigration, tariffs and trade policies to boost US economic growth.
The prolonged heat wave and lack of irrigation water coincided with the time when coffee trees were flowering and fruiting, causing some coffee gardens to wilt, flowers and young fruits to dry, leading to reduced productivity and output. This is a factor affecting the domestic coffee market.
The Vietnam Coffee and Cocoa Association said that it is normal for coffee prices to fluctuate during the harvest season. The European Union has also postponed the implementation of anti-deforestation regulations for another 12 months, helping to ease pressure on supply. Domestic coffee prices may only decline in the short term. In the long term, the coffee growing area in Vietnam reached 718,000 hectares by the end of 2023 and is expected to continue to expand in 2024 to meet the increased demand for seedlings. Globally, coffee growing areas are also increasing to stabilize supply and prices.
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 113 USD/ton, at 4,420 USD/ton, and for January 2025 delivery increased by 98 USD/ton, at 4,346 USD/ton.
Arabica coffee prices for December 2024 delivery increased by 7.95 cents/lb to 256.70 cents/lb, and for March 2025 delivery increased by 7.85 cents/lb to 255.90 cents/lb.
Since the beginning of the year, the EU’s decisions on the European Deforestation Regulation (EUDR) have had a significant impact on coffee prices in both the global and Vietnamese markets. The EU will officially announce its decision on the implementation date of this regulation on November 13-14. As the world’s largest coffee importer, accounting for about 33-35% of the global market share, the EU is also Vietnam’s largest coffee export partner, accounting for 38% of annual coffee exports. The EU’s issuance of new import regulations has raised concerns that coffee supply and demand may change.
Mr. Nguyen Ngoc Quynh, Deputy General Director of the Vietnam Commodity Exchange (MXV), commented that the EU is an important partner not only of Vietnam but also of many other coffee supplying countries. Therefore, any major policy changes on imports will directly affect coffee prices. Mr. Quynh said that the recent strong fluctuations in coffee prices were also due to the psychology of speculators before the EU approved the EUDR. However, when the official decision on the EUDR is announced, the impact on coffee prices will be clearer.
Mr. Quynh said that the EU may extend the implementation period of the EUDR to ensure internal supply, especially in the context of the market facing a risk of supply deficit. Although not implemented immediately, the EU still aims to green and ensure environmental standards in the long term, because this is an inevitable development trend.
