Experts predict that coffee prices on October 29, 2024 in the domestic market will continue to decline tomorrow and tend to decrease in the following days.
The 2024-2025 coffee crop has begun since early October, and the price of Robusta coffee on the London exchange has dropped about $1,000/ton compared to its peak at the end of September.
In the world market, the Brazilian Real continued to decline, causing the USD/BRL exchange rate to increase during trading hours. Favorable weather in Brazil and abundant supply from the new harvest in Vietnam continued to be factors causing coffee prices to fall last week.
Recorded in the trading session on October 28, 2024, domestic coffee prices today are stable at around 109,400-110,000 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 109,700 VND/kg, the highest purchase price in Dak Nong province is 110,000 VND/kg.
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| Coffee price forecast October 29, 2024: Will the decline in domestic coffee prices stop? |
Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 109,800 VND, unchanged from yesterday, in Pleiku and La Grai the price is 109,700 VND/kg; In Kon Tum province, the price is 109,800 VND/kg, stable compared to yesterday; In Dak Nong province, coffee is purchased at the highest price of 110,000 VND/kg, stagnant compared to yesterday.
The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 109,400 VND/kg, unchanged compared to yesterday.
Coffee prices today (October 28) in Dak Lak province; in Cu M'gar district, coffee was purchased at about 109,800 VND/kg, also slowing down following the general trend, while in Ea H'leo district and Buon Ho town, coffee was purchased at the same price of 109,700 VND/kg.
Updated world coffee prices at 20:00 on October 28, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for delivery in November 2024 on the London exchange was at 4,496 USD/ton, up 84 USD compared to the beginning of the trading session.
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| Coffee price today October 28, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com |
The January 2025 delivery term is 4,405 USD/ton, up 82 USD; the March 2025 delivery term is 4,313 USD/ton, up 57 USD and the May 2025 delivery term is 4,234 USD/ton, up 56 USD.
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| Arabica coffee prices on the New York floor on October 28, 2024. (Photo: Screenshot of giacaphe.com) |
In particular, the price of Arabica coffee on the New York floor today at 20:00 on October 28, 2024 increased in all terms, fluctuating at 249.40 - 254.85 cents/lb.
Specifically, the December 2024 delivery period is 254.85 cents/lb; up 6.45 cents/lb compared to the beginning of the session. The March 2025 delivery period is 253.70 cents/lb, up 6.20 cents/lb; the May 2025 delivery period is 252.15 cents/lb, up 6 cents/lb and the July 2025 delivery period is 249.40 cents/lb, up 5.80 cents/lb.
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| Brazilian Arabica coffee price on October 28, 2024. (Photo: Screenshot of giacaphe.com) |
The price of Brazilian Arabica coffee today at 9:00 p.m. on October 28, 2024 increased. Specifically, the delivery period for December 2024 is 305.40 USD/ton, up 1.63%; the delivery period for March 2025 is 306.00 USD/ton, up 1.63%; the delivery period for May 2025 is 301.40 USD/ton, up 1.40% and the delivery period for July 2025 is 297.95 USD/ton, up 1.52%.
Robusta coffee traded on the ICE Futures Europe (London exchange) opens at 16:00 and closes at 00:30 (next day), Vietnam time.
Arabica coffee on the ICE Futures US floor (New York floor) opens at 16:15 and closes at 01:30 (next day), Vietnam time.
According to the Import-Export Department (Ministry of Industry and Trade), world coffee prices have decreased recently due to the Brazilian Real falling against the USD, encouraging Brazilian producers to increase sales.
In addition, favorable weather and steady rainfall in Brazil's key robusta growing region of Espirito Santos have eased supply concerns that have put downward pressure on prices.
As Vietnam enters a new harvest season, increased supplies of robusta coffee also impact coffee prices.
In addition, the European Deforestation Regulation (EUDR) is being suspended to allow third countries, Member States, operators and traders to fully prepare for due diligence obligations, which is also expected to impact coffee prices. The regulation is scheduled to be voted on by the European Parliament on 13 and 14 November 2024.
Information for reference only. Prices may vary by location.
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