Coffee prices today, September 8, 2024: A sharp drop of 2,000 VND.
Coffee prices today, September 8th, range from 117,800 to 118,900 VND/kg, a sharp decrease of 2,000 VND/kg. Total coffee export value is about to reach 4 billion USD.
Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 117,800 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 118,500 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 118,400 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 118,900 VND/kg in Gia Nghia and 118,800 VND/kg in Dak R'lap.
In Gia Lai province, today's coffee price is 118,500 VND/kg (Chu Prong), while in Pleiku and La Grai it is 118,400 VND/kg.
Meanwhile, the price of coffee today in Kon Tum province is being purchased at 118,500 VND/kg.
The domestic coffee market has fallen sharply compared to the same time yesterday. The average price nationwide is 118,600 VND/kg.
In August 2024, Vietnam exported 73,000 tons of coffee, earning $384 million. Compared to August 2023, export volume decreased by 14.1%, but value increased by 48.9%.
Total coffee exports in the first eight months of 2024 amounted to 1.052 million tons, with a total value of US$3.99 billion. Compared to the same period last year, the volume decreased by 12.5%, but the value increased by 34.8%.
The average export price of coffee in August 2024 was US$5,260 per ton, an increase of 6.2% compared to July and a 72.5% increase compared to January 2024. On average, the export price of coffee in the first eight months of 2024 reached US$3,795 per ton.
At the close of the most recent trading session, Robusta coffee prices in London for September 2024 delivery fell by $141/ton to $4,770/ton, and for November 2024 delivery fell by $129/ton to $4,555/ton.
Arabica coffee prices for September 2024 delivery fell by 8.20 cents/lb to 236.00 cents/lb, and for December 2024 delivery fell by 8.10 cents/lb to 234.55 cents/lb.
Coffee prices fell sharply due to new export figures released by the International Coffee Organization (ICO). In July 2024, global coffee exports increased by 12.2%, reaching 11.29 million bags. Total coffee exports in the first 10 months of the 2023/2024 crop year were 115.01 million bags, an increase of 10.5%.
The Colombian Coffee Federation announced that August production increased by 20.29% year-on-year, reaching 177,000 bags. In the first 11 months of the 2023/2024 crop year, Colombia's coffee production increased by 19.66%, totaling 11.678 million bags.
Buyers and sellers are awaiting Vietnam's new coffee harvest, from October 2024 to September 2025. It is not expected that coffee supply will improve until the new harvest begins later this year.
