According to the Vietnam Commodity Exchange (MXV), today's trading session witnessed a strong recovery of the coffee market.
As of 11:00 a.m. today (October 11), the domestic coffee market continued to increase slightly, increasing by an average of 500 VND/kg, trading around 113,300 - 114,100 VND/kg, the average purchase price in the Central Highlands provinces is 114,000 VND/kg.
In Gia Lai and Dak Lak provinces, the purchase price increased by 500 VND/kg, currently at 114,000 VND/kg. Meanwhile, Lam Dong currently has a purchase price of 113,300 VND/kg. This is also the province with the lowest coffee purchase price in the country today.
Meanwhile, in Dak Nong province, coffee prices are at their highest level compared to yesterday's trading session, currently at 114,100 VND/kg.
For the world market, at the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery unexpectedly increased by 49 USD/ton, at 4,914 USD/ton, and the price of January 2025 delivery increased by 41 USD/ton, at 4,742 USD/ton.
Arabica coffee futures for December 2024 delivery rose 0.05 cent/lb to 254.75 cent/lb and 253.45 cent/lb, respectively.
Coffee prices continued to rise today, supported by a weaker US dollar following the US CPI report for September.
As of the survey time, the DXY index measuring the greenback's movements against six major currencies was at 102.88.
The dollar fell after investors weighed economic data showing a weak labor market and a slight rise in consumer prices, paving the way for the US Federal Reserve to cut interest rates further in the near future.
Data released by the US Department of Labor yesterday (October 10) showed that the CPI increased by 0.2% in September 2024. But in the 12 months to September, the CPI increased by only 2.4% - the smallest annual increase since February 2021.
