Will a big drop happen?

Coffee prices are forecast to fall on September 4, 2024 in the domestic market. According to the Ministry of Agriculture and Rural Development , in the first 8 months of 2024, Vietnam exported 1.05 million tons of coffee with a turnover of 4.03 billion USD, down 11.9% in volume but up 36.1% in value. Coffee export price reached 3,805 USD/ton, up 54.5% over the same period.

Coffee price forecast September 4, 2024: Will there be a sharp decline?

Experts say that the recent record increase in Vietnam's coffee export prices is due to the scarcity of global supply. In the 2023-2024 crop year, drought and pests have caused the Central Highlands coffee output, the country's key growing region, to decrease by 20% compared to the previous crop year. Despite the crop failure and reduced output, the high coffee prices have made farmers, businesses, and the coffee industry excited to reap outstanding value.

Domestic coffee prices were updated at 4:30 a.m. on September 3, 2024 as follows: The domestic coffee market today is stable compared to the same time yesterday, in the range of 121,000 - 122,100. Currently, the average purchase price in the Central Highlands provinces is 121,400 VND/kg, the highest purchase price in Dak Nong province is 122,100 VND/kg.

Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 121,700 VND, in Pleiku and La Grai the price is 121,600 VND/kg. In Kon Tum province, the price is 121,700 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 122,100 VND/kg.

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 121,000 VND/kg.

Coffee prices today (September 3) in Dak Lak province; in Cu M'gar district, coffee is purchased at about 121,900 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at 121,800 VND/kg.

Updated world coffee prices at 8:30 p.m. on September 3, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for September 2024 delivery on the London exchange was at 4,765 USD/ton, up 65 USD compared to the beginning of the trading session.

Coffee price today September 3, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com

The November 2024 delivery term is 4,567 USD/ton, up 78 USD; the January 2025 delivery term is 4,391 USD/ton, up 82 USD and the March 2025 delivery term is 4,279 USD/ton, up 82 USD.

Coffee price today September 3, 2024: New York Arabica coffee price (Photo: Screenshot giacaphe.com

In particular, the price of Arabica coffee on the New York floor today at 20:30 on September 3, 2024 decreased in all terms, fluctuating at 236.05-242.65 cents/lb.

Specifically, the December 2024 delivery period is 242.65 cents/lb; down 1.40 cents/lb compared to the beginning of the session. The March 2025 delivery period is 240.70 cents/lb, down 1.40 cents/lb; the May 2025 delivery period is 238.70 cents/lb, down 1.15 cents/lb and the July 2025 delivery period is 236.05 cents/lb, down 0.95 cents/lb.

Coffee price today September 3, 2024: Brazilian Arabica coffee price. (Photo: Screenshot giacaphe.com)

The price of Brazilian Arabica coffee today at 20:30 on September 3, 2024 increased. Specifically, the delivery period for September 2024 is 298.60 USD/ton; the delivery period for December 2024 is 294.50 USD/ton, up 0.68%; the delivery period for March 2025 is 293.15 USD/ton, up 0.88% and the delivery period for May 2025 is 293.05 USD/ton.

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.

On the day the New York floor was absent, speculators increased their sell-off on the London floor. According to coffee market expert Nguyen Quang Binh, the reason was that large hedge funds had bought many short contracts that had not been liquidated for a month. This was also a move to adjust the price gap between the two floors.

The US dollar remained near a near two-week high as investors focused on the US jobs report due later this week, pushing coffee lower at the start of the week.

News that extreme drought in Brazil may have shocked the trees, along with early flowering of coffee beans that has raised concerns about the country’s next crop, could be a factor in pulling the market higher when New York returns to trading today.

*Information for reference only. Prices may vary depending on time and location.

Source: https://congthuong.vn/du-bao-gia-ca-phe-492024-da-giam-manh-se-dien-ra-343183.html