As of 11:30 a.m. today (October 29), the domestic and international coffee markets have reversed sharply, increasing by an average of VND1,500/kg, causing prices to fluctuate between VND110,000 - VND110,700/kg. The average coffee purchase price in the Central Highlands provinces is VND110,600/kg.
Similar to Gia Lai province, Dak Lak province simultaneously reversed and increased sharply by 1,500 VND/kg, currently purchasing at 110,500 VND/kg.
Meanwhile, despite a sharp increase of VND1,500/kg, Lam Dong is still the province with the lowest coffee purchasing price in the Central Highlands. Compared to yesterday's closing price, coffee prices in this region are currently at VND110,000/kg.
In the same direction, Dak Nong province recorded a sharp increase of 1,600 VND/kg, currently standing at 110,700 VND/kg.
Thus, after 2 days of decline, domestic coffee prices witnessed a sudden increase, causing the average price at the beginning of the week to return to exactly 110,600 VND/kg.
On the London and New York exchanges, the coffee market continued to maintain green. At the end of the most recent trading session, the price of Robusta coffee in London surpassed the peak of 4,500 USD/ton. The January 2025 delivery period increased by more than 2% (equivalent to 91 USD/ton), reaching 4,502 USD/ton. In the same direction, the March 2025 delivery period increased by 2.0% (equivalent to 87 USD/ton), listed at 4,410 USD/ton.
Meanwhile, in the New York Arabica coffee market, the December 2024 contract increased sharply by 3.95 cents/lb, reaching 252.35 cents/lb. The March 2025 contract increased by less than 0.1 cents/lb compared to yesterday's closing session, currently standing at 251.35 cents/lb.
As predicted, coffee prices increased due to the circulation after storm No. 6 causing heavy rain in the key coffee growing region of the Central Highlands of Vietnam, slowing down the progress of the new crop harvest. The impact of storm Tra Mi has delayed the supply of the current crop to the market even though the storm quickly dissipated and weakened into a low pressure area shortly after.
Meanwhile, Brazil's Somar Meteorologia reported that Brazil's largest Arabica coffee growing region, Minas Gerais, received just 25.1mm of rain last week, or 74% of the historical average. This is also one of the factors that has pushed coffee prices back up.
According to data from the Customs Directorate, in the first half of October 2024, Vietnam's coffee exports reached 21.5 thousand tons, equivalent to 125.8 million USD. This data increased by 0.4% in volume and 7.5% in value compared to the first half of September. Compared to the first half of October 2023, this item increased by 20.5% in volume and 98.0% in value.
Accumulated from the beginning of the year to October 15, 2024, Vietnam exported approximately 1.13 million tons of coffee, worth 4.44 billion USD. Although it decreased by 11.1% in volume, it increased by 39.1% in value compared to the same period in 2023.
Overall, analysts and farmers are quite cautious about the possibility of coffee production recovery.
