As of 11am today (October 16), the domestic coffee market has turned around and dropped sharply, down an average of VND1,000/kg, causing prices to fluctuate between VND113,300 - VND113,900/kg. The average coffee purchase price in the Central Highlands provinces is VND113,800/kg.
Dak Lak and Gia Lai provinces both decreased by 1,000 VND/kg compared to yesterday's trading session (October 15), purchasing at 113,700 VND/kg and 113,800 VND/kg, respectively.
In the same direction, the coffee purchase price in Dak Nong province decreased by 1,000 VND/kg, listed at 113,900 VND/kg. This is the highest purchase price in the country.
Meanwhile, Lam Dong is still the province with the lowest coffee purchasing price in the Central Highlands. Compared to yesterday's closing price, coffee prices decreased by VND1,000/kg, currently at VND113,300/kg.
For the world market, red quickly returned to the trading floors after a significant increase in the first session of the week. At the end of the most recent trading session, the price of Robusta coffee in London for delivery in November 2024 decreased by 60 USD/ton, currently at 4,909 USD/ton. Meanwhile, the price of delivery in January 2025 is currently fluctuating at 4,778 USD/ton, down 65 USD/ton.
On the New York Stock Exchange, the price of Arabica coffee for December 2024 delivery decreased by more than 2% (equivalent to 5.35 cents/lb), reaching 256.70 cents/lb. The contract for March 2025 delivery decreased by 1.94% (equivalent to 5.05 cents/lb), standing at 255.50 cents/lb.
According to a report from the International Coffee Organization (ICO), global coffee exports in August increased by 6.5% compared to the same period last year, reaching 10.92 million bags. From October 2023 to August 2024, global exports increased by 9.9%, reaching 125.67 million bags.
In addition, the US dollar continued to rise strongly, causing coffee prices to fall again. The US dollar increased against most major currencies in the last trading session, continuing its upward trend, bringing the currency to its highest level in more than two months.
In Vietnam, according to the Directorate of Customs, in the first 9 months of the year, coffee exports reached 1.1 million tons. This level is equivalent to a turnover value of more than 4.3 billion USD, down 11.7% in volume but up 38.7% in value compared to the same period last year.
Falling production, while global demand for Robusta coffee is increasing strongly, is the main factor causing coffee prices to continuously fluctuate within a wide range. Vietnam - the world's largest producer and exporter of Robusta coffee is expected to benefit from this trend.
