Coffee price today September 24, 2024: All prices decreased by 500 VND/kg
Today's domestic coffee price, September 24, is at 119,000 - 119,500 VND/kg, down 500 VND/kg in localities compared to yesterday. Robusta coffee prices are increasing.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 119,000 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 119,500 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 119,400 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 119,500 VND/kg in Gia Nghia and 119,400 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 119,500 VND/kg (Chu Prong), in Pleiku and La Grai the price is 119,400 VND/kg.
Today's coffee price in Kon Tum province is purchased at 119,500 VND/kg.
Vietnam is the world's leading producer of Robusta coffee, accounting for one-third of the supply. The decline in coffee production in Vietnam has reduced the supply of Robusta coffee on the international market.
USDA forecasts Vietnam’s Robusta coffee production to decline by 1% in 2024/25 to 27.85 million bags. Current production is down about 9% from 2021/22 amid rising global coffee demand. Robusta coffee prices are likely to remain high due to lower production and increased demand.
Recent bad weather in Vietnam’s coffee-growing regions could slow exports. The continued rains following Typhoon Yagi could delay coffee exports from November to December or later. Robusta prices are expected to fall, but not until early next year, StoneX said.
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 169 USD/ton, at 5,228 USD/ton, and for January 2025 delivery increased by 159 USD/ton, at 4,962 USD/ton.
Arabica coffee prices for December 2024 delivery increased by 10.45 cents/lb to 261.20 cents/lb, and for March 2025 delivery increased by 10.30 cents/lb to 258.95 cents/lb.
In the past, Vietnamese Robusta coffee was often priced lower than Arabica, sometimes only one-third or half. By September 2024, Robusta coffee prices had unexpectedly surpassed Arabica, increasing by nearly $900/ton, marking a major turning point for the Vietnamese and global coffee industry.
The price increase is attributed to the growing popularity of Robusta in the international market, along with roasters looking to reduce costs by using more Robusta instead of Arabica. Instant coffee and espresso, which mainly use Robusta, are also gaining popularity, contributing to the increase in demand.
High demand combined with limited supply due to bad weather affecting major producing countries such as Vietnam has pushed Robusta prices to unprecedented highs. The Arabica market is also under pressure as roasters adjust their production to meet demand.