Coffee price today October 31, 2024: Sharp decrease to 2,100 VND/kg
Today's domestic coffee price, October 31, is at 108,200 - 108,600 VND/kg, a sharp decrease of 1,800 - 2,100 VND/kg compared to yesterday.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 108,200 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 108,600 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 108,500 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 108,600 VND/kg in Gia Nghia and 108,500 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 108,500 VND/kg (Chu Prong), in Pleiku and La Grai the price is 108,400 VND/kg.
Today's coffee price in Kon Tum province is purchased at 108,500 VND/kg.
In the first half of October 2024, according to data from the General Department of Customs, 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. Although the export volume decreased by 11.1% compared to the same period last year, the value still increased by 39.1%. Currently, farmers in coffee growing regions such as the Central Highlands, the Northwest, and Quang Tri have begun to pick and sell the first batch of coffee.
Robusta coffee production is a concern for international buyers. However, surveys of growing areas have given conflicting forecasts about output. Some surveys show that due to drought in the beginning of the year, many coffee plantations died or had low yields, while other reports suggest that farmers are taking better care of their crops thanks to high coffee prices. Therefore, Vietnam’s Robusta production this year remains an unknown and could fluctuate greatly, making the market even more unpredictable.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 24 USD/ton, at 4,422 USD/ton, and for January 2025 delivery increased by 20 USD/ton, at 4,332 USD/ton.
Arabica coffee prices for December 2024 delivery decreased by 0.70 cent/lb to 247.40 cent/lb, and for March 2025 delivery decreased by 0.45 cent/lb to 246.80 cent/lb.
Coffee prices on two international exchanges fell sharply compared to last week when the market closed its trading positions. The main reason was the high USD and the impact of storm No. 6 did not significantly affect the coffee harvest in Vietnam, causing the market to decline.
According to the Vietnam Coffee and Cocoa Association (VICOFA), Vietnam currently has more than 500,000 coffee shops, from small retail shops to modern coffee chains with high-end spaces and services. This diversity meets the diverse and growing needs of domestic consumers.
It is expected that in the period of 2024 - 2025, Vietnam's domestic coffee consumption will reach about 270,000 - 300,000 tons per year and continue to increase by about 6.6% per year until 2030. Meanwhile, coffee output in the 2024 - 2025 crop year is expected to reach 1.6 million tons. With high domestic demand but low production output, the supply of raw materials for export will be affected. In the last crop year, Vietnam exported 1.45 million tons of coffee, earning 5.4 billion USD, and imported 140,000 tons of coffee with a value of 527 million USD, a sharp increase compared to the previous crop year.