As of 1pm today (October 20), the domestic and international coffee markets have not fluctuated much compared to yesterday. Domestically, this commodity is still trading at 111,100 - 111,700 VND/kg. At the end of the week, domestic coffee prices have decreased by 2,000 VND/kg for the third consecutive week.
In the international market, at the end of the week, the price of Arabica coffee futures for December 2024 increased by 2.15 cents/pound. In the same direction, Robusta coffee futures for November 2024 closed up by 17 USD at 4,702 USD/ton.
Thus, compared to last week, the New York exchange increased by 525 cents/lb, specifically, closing this week the price of Arabica coffee was at 257.30 cents/lb compared to closing last week at 252.05 cents/lb.
Meanwhile, the closing price of Robusta coffee for November 2024 delivery this week was $4,702/ton, down from last week's closing price of $4,828/ton.
Up to now, this is the third consecutive week that Robusta coffee prices have continued to fall. According to experts, the price of this coffee product is likely to continue to plummet.
The extreme dryness in Brazil will continue to be a factor that keeps the market high, as rainfall in Brazil has been consistently below average since April.
Although rain has begun to fall across coffee-growing regions of the top producing nation, it may be too late for trees to fully recover before the new crop is harvested, experts and farmers say.
For long-term coffee growers, drought-stressed coffee trees will have to use energy, when the rains return, to produce leaves, instead of fruit. This means that the high-quality fruit after flowering is very small.
In Vietnam, the quality of coffee is also heavily dependent on weather conditions. Many weather forecasts indicate that continuous rain will hit the Central Highlands this weekend and into next week. But if this situation continues into November, the quality of coffee will also be affected to some extent.
