Agricultural product prices on August 2, pepper and coffee prices both decreased
Agricultural product price list on August 2, domestic pepper price decreased further and further away from the 150,000 VND/kg mark, current coffee price decreased slightly by 100 VND/kg due to many positive information holding coffee price.
Coffee price today 8/2/2024
The domestic coffee market today decreased slightly compared to the same time yesterday. The updated domestic coffee price decreased by 100 VND/kg. The current average price is around 123,400 VND/kg in the Central Highlands provinces, the highest purchase price in Dak Nong province is 123,500 VND/kg.
| Market | Average price (VND/kg) | Change (VND/kg) |
| Dak Lak | 123,400 | -100 |
| Lam Dong | 123,000 | 0 |
| Gia Lai | 123,400 | -100 |
| Kon Tum | 123,400 | -100 |
| Dak Nong | 123,500 | -100 |
The US Federal Reserve (Fed) kept its benchmark interest rate unchanged at its recent meeting, marking the eighth consecutive time that it has kept rates unchanged, with a possible adjustment in September. The coffee market did not see much volatility as the decision was expected.
Vietnam's coffee exports in July 2024 decreased by 36% compared to the same period in 2023, reaching 70,000 tons.
Vietnam's total coffee exports in the first 7 months of 2024 decreased by 14% compared to the same period last year, reaching 964,000 tons. Despite the decrease in export volume, Vietnam's coffee export turnover still increased by 31%, reaching 3.54 billion USD, thanks to coffee prices remaining high since the beginning of the year.
Robusta coffee prices on the London floor decreased slightly at 4:30 a.m. on August 2, 2024, with price fluctuations from 3,806 - 4,222 USD/ton. The September 2024 delivery period was priced at 4,222 USD/ton, down 44 USD/ton compared to the previous session.
Arabica coffee prices on the New York floor also decreased slightly on the morning of August 2, 2024. The September 2024 delivery period was priced at 228.70 cents/lb, down 0.91%.
Pepper price today 8/2/2024
Domestic pepper price market today August 2, pepper price today is around 147,000 - 148,500 VND/kg, decreased by 500 to 1,000 VND in some provinces compared to the same time yesterday.
| Province/district (survey area) | Purchase price (Unit: VND/kg) | Change from yesterday (Unit: VND/kg) |
| Dak Lak | 148,500 | -500 |
| Gia Lai | 147,000 | -1,000 |
| Dak Nong | 148,000 | -1,000 |
| Ba Ria - Vung Tau | 148,000 | -1,000 |
| Binh Phuoc | 148,000 | - |
| Dong Nai | 148,000 | -1,000 |
Although export output in the first 6 months of the year decreased by 6.8% compared to the previous year, increased export prices pushed export turnover up 30.5% to 634 million USD.
Export prices remain strong due to the gap between supply and demand, which could help Vietnam’s pepper exports reach over $1 billion this year. If exports reach the forecast, the pepper industry could return to the billion-dollar group for the first time since 2017.
Durian price today 8/2/2024
| *(Unit: VND/kg) | |||
| Name of Durian variety | August 1, 2024 | August 2, 2024 | Change |
| SOUTHWEST REGION | |||
| RI6 Beautiful Choice | 57,000 – 63,000 | 57,000 – 63,000 | - |
| RI6 Soviet | 40,000 – 45,000 | 40,000 – 45,000 | - |
| Beautiful Thai Durian | 103,000 – 105,000 | 103,000 – 105,000 | - |
| Thai Durian Buy In Bucket | 83,000 – 86,000 | 83,000 – 86,000 | - |
| SOUTHEAST REGION | |||
| RI6 Beautiful Choice | 57,000 – 63,000 | 57,000 – 63,000 | - |
| RI6 Soviet | 40,000 – 45,000 | 40,000 – 45,000 | - |
| Beautiful Thai Durian | 103,000 – 105,000 | 103,000 – 105,000 | - |
| Thai Durian Buy In Bucket | 83,000 – 86,000 | 83,000 – 86,000 | - |
| CENTRAL HIGHLANDS | |||
| RI6 Beautiful Choice | 60,000 – 62,000 | 60,000 – 62,000 | - |
| RI6 Soviet | 45,000 – 50,000 | 45,000 – 50,000 | - |
| Beautiful Thai Durian | 100,000 – 105,000 | 100,000 – 105,000 | - |
| Thai Durian Buy In Bucket | 80,000 – 82,000 | 80,000 – 82,000 | - |
Durian prices today, August 2, are stable. Thai durian and Ri6 durian are purchased at similar prices in the Southwest and Southeast regions.
The price of selected Thai durian and Ri6 durian bought in bulk ranges from 40,000 VND/kg to 105,000 VND/kg. The Central Highlands market has a similar stable price, with selected Thai durian the highest and Ri6 durian bought in bulk the lowest.
Rubber price today 2/8
According to the latest records at two world exchanges, rubber prices continue to increase.
At the Tokyo Commodity Exchange (TOCOM), rubber futures for September 2024 delivery increased 0.31% to 319.6 yen/kg at the time of survey at 6:00 a.m. (Vietnam time).
On the Shanghai Futures Exchange (SHFE), RSS3 rubber futures for September 2024 delivery rose 0.78% to 14,260 yuan/tonne.
In the first 6 months of 2024, Vietnam exported more than 489 thousand tons of rubber to China, worth more than 717 million USD. Compared to the same period in 2023, the export volume decreased by 16% and the value decreased by 8%. China accounts for 67.35% of Vietnam's rubber exports, and the decrease in demand from this market could affect Vietnam's rubber prices and export turnover.
The EU’s 37.6% tariff on electric vehicles imported from China could hit China’s rubber demand by reducing EV imports. Experts predict that the higher temporary tariff could reduce Chinese EV imports by up to 42% and increase EV prices in the EU by 0.3-0.9%. If China’s EV exports fall, its demand for rubber imports for tyre production will also fall.
