Coffee price today September 2, 2024: Sideways on the first day of the week
Coffee prices today, September 2, range from 121,000 - 122,100 VND/kg, unchanged in some provinces compared to last weekend.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 121,000 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 121,900 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 121,800 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 122,100 VND/kg in Gia Nghia and 122,000 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 121,900 VND/kg (Chu Prong), in Pleiku and La Grai the price is 121,800 VND/kg.
Today's coffee price in Kon Tum province is purchased at 121,900 VND/kg.
The domestic coffee market is stable compared to the same time yesterday.
Vietnam exported 37,000 tons of coffee abroad in the first half of August 2024. The average price of exported coffee reached a new high of $5,293 per ton, up 81% compared to last year.
Since the beginning of the 2023-2024 crop season, the total volume of coffee exports has been more than 1.3 million tons. This volume of coffee exports accounts for 90% of the total output of the current crop season. Compared to the previous crop season, the volume of coffee exports decreased by 12.4%.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 47 USD/ton, at 4,948 USD/ton, and for November 2024 delivery increased by 37 USD/ton, at 4,729 USD/ton.
Arabica coffee prices for September 2024 delivery decreased by 3.55 cents/lb, to 244.05 cents/lb, and for December 2024 delivery decreased by 3.10 cents/lb, to 242.10 cents/lb.
By the end of August 2024, Robusta coffee prices for November delivery had increased by $832 per tonne. Arabica coffee prices for December delivery also increased by 15.9 cents per pound.
A key reason for the rise in Robusta coffee prices is strong import demand from Europe, with traders and roasters racing to stock up ahead of new European Union anti-deforestation regulations coming into effect at the end of the year.
Coffee imports are booming in Europe amid a buoyant coffee market. Prices for Robusta, which is used in instant coffee, have hit new highs this year.
Factors such as high borrowing costs, container shortages and longer shipping times also contributed to the rise in coffee prices.