Coffee price today October 30, 2024: Increase again due to storm circulation No. 6
Today's domestic coffee price on October 30 is at 110,000 - 110,700 VND/kg, an increase of 1,500 to 1,600 VND/kg compared to yesterday. Domestic coffee price exceeds 110,000 VND/kg
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 110,000 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 110,500 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 110,400 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 110,700 VND/kg in Gia Nghia and 110,600 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 110,500 VND/kg (Chu Prong), in Pleiku and La Grai the price is 110,400 VND/kg.
Today's coffee price in Kon Tum province is purchased at 110,500 VND/kg.
Global coffee prices are rising on concerns about the impact of the circulation following Typhoon Tra Mi, which could bring heavy rains to Vietnam’s Central Highlands coffee growing region. The storm has delayed the new crop harvest as heavy rains continue from Ha Tinh to Binh Dinh and the northern Central Highlands. In addition, another typhoon named Kong-rey is also forming, adding to concerns about the crop.
In the context of rising coffee prices, businesses in the Vietnamese coffee supply chain face many challenges. The increase in prices causes farmers to focus on short-term benefits, leading to a shortage of supply as domestic inventories gradually decrease.
News from Brazil also contributed to the rally. Brazil’s largest arabica growing region, Minas Gerais, received just 25.1 mm of rain last week, well below the historical average. Farmers and analysts are cautious about the recovery in coffee production, as late rains could hurt crops and it is too early to forecast the 2025/26 crop.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery decreased by 33 USD/ton, at 4,469 USD/ton, and for January 2025 delivery decreased by 34 USD/ton, at 4,376 USD/ton.
Arabica coffee prices for December 2024 delivery decreased by 2.10 cents/lb to 250.65 cents/lb, and for March 2025 delivery decreased by 2 cents/lb to 249.70 cents/lb.
According to data from the General Department of Customs, in the first half of October 2024, Vietnam exported 21.5 thousand tons of coffee, worth 125.8 million USD. Compared to the first half of September, the export volume increased by 0.4% and the value increased by 7.5%. In particular, compared to the same period in October 2023, the export volume increased by 20.5% and the value increased by 98.0%. From the beginning of the year to mid-October 2024, coffee exports reached about 1.13 million tons, worth 4.44 billion USD, down 11.1% in volume but up 39.1% in value compared to the same period last year.
In the third quarter of this year, Mr. Do Hoang Phuc, Chairman of the Board of Directors of Thang Loi Coffee, said that the company had turned from loss to profit due to the difficult business situation last year. The sudden increase in domestic coffee prices made purchasing difficult, leading to a decrease in export volume.
Although in the third quarter of 2024, the business did not purchase as much goods as before, thanks to the volume of purchases from the previous crop at good prices and cost reductions, profits increased compared to the same period last year.