Coffee prices today, November 24, 2024: Robusta coffee prices rise, nearly reaching historical highs.
Domestic coffee prices today, November 24th, are at 117,000 - 117,500 VND/kg, a sharp increase of 2,000 VND/kg. Robusta coffee prices increased by 198 USD to reach 5,000 USD/ton, nearly touching a historical high.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 117,000 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 117,500 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 117,400 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 117,500 VND/kg in Gia Nghia and 117,400 VND/kg in Dak R'lap.
In Gia Lai province, today's coffee price is 117,400 VND/kg (Chu Prong), while in Pleiku and La Grai it is 117,300 VND/kg.
Meanwhile, the price of coffee today in Kon Tum province is being purchased at 117,400 VND/kg.
According to VICOFA, in the first 15 days of November, Vietnam exported 20,933 tons of coffee, earning $121.79 million. Although the volume decreased by 44.8%, the export value increased by 1.8% compared to the same period last year. This mainly consisted of Robusta coffee ($16,293 tons, $80.67 million) and decaffeinated coffee ($1,520 tons, $10.17 million).
From the beginning of the year to November 15th, Vietnam exported 1.17 million tons of coffee, a decrease of 13.5% in volume but an increase of 38.1% in value, mainly thanks to Robusta (964,610 tons, $3.48 billion). However, November this year saw an unusually low export volume despite rising coffee prices.
Mr. Hai explained: High coffee prices have prevented supply and demand from finding common ground, causing many transactions to stall. Traders are hoarding goods, waiting for prices to rise, while international buyers still have reserves. However, he predicted that from the end of November to December, when harvests increase and prices stabilize, export volumes will recover.
World coffee prices today
At the close of the most recent trading session, Robusta coffee prices in London for November 2024 delivery rose by $198/ton to $4,985/ton, and for January 2025 delivery rose by $191/ton to $4,923/ton.
Arabica coffee prices for December 2024 delivery increased by 6.40 cents/lb, reaching 302.10 cents/lb, while prices for March 2025 delivery increased by 6.45 cents/lb, reaching 299.60 cents/lb.
World coffee prices have risen recently due to several factors, including climate change and the El Niño phenomenon causing droughts in coffee-growing regions, leading to reduced supply. Additionally, global military conflicts have increased transportation and export costs.
The scarcity of Robusta coffee supply, coupled with an 11.6% drop in Vietnam's coffee exports in October, has pushed Robusta prices back up to $5,000 per ton. While supply is projected to improve in some countries next crop year, the supply-demand balance remains unbalanced, and coffee prices are likely to remain high in the near future.
Climate continues to pose a major challenge to global coffee production. Plantations in Brazil are facing severe flower drop, while coffee growers there are limiting sales of the 2024 crop to the Chinese market. The final months of 2024 also saw a significant increase in coffee trading.