Coffee price today November 24: Continue to increase strongly

World coffee prices

Early morning of November 24 (Vietnam time), on the London floor, the price of Robusta coffee futures for November 2024 delivery increased by 180 USD/ton, at 4,985 USD/ton, and for January 2025 delivery increased by 77 USD/ton, at 4,923 USD/ton.

Arabica coffee prices on the New York floor for December 2024 delivery increased by 6 cents/lb, to 302 cents/lb, and for March 2025 delivery increased by 4 cents/lb, to 299 cents/lb.

Coffee prices increased sharply today. (Illustration photo)

Domestic coffee prices

Domestic coffee prices increased across all localities today, trading around 117,000 - 117,500 VND/kg.

Specifically, in Dak Lak province, today's coffee price was purchased at 117,500 VND/kg, an increase of 2,000 VND/kg compared to yesterday.

In Lam Dong , today's coffee price was purchased at 117,000 VND/kg, an increase of 2,000 VND/kg compared to the previous trading session.

In Gia Lai, coffee price today is trading at 117,400 VND/kg, up 2,000 VND/kg.

Coffee prices in Dak Nong province today also increased by VND 2,000/kg, being purchased at VND 117,500/kg.

Concerns about long-term damage to the coffee crop due to Brazil's drought conditions, with persistently lower than average rainfall in Brazil, are persistent factors for the market's price increase.

In addition, the tight supply of robusta, along with a report from the General Department of Vietnam Customs last Monday that Vietnam's October coffee exports fell 11.6% year-on-year, have contributed to the return of robusta prices to the $5,000/ton mark.

Although the weather in Brazil has recently seen some temporary relief from rain, with the meteorological agency Somar Meteorologia reporting on Monday that rainfall in the Arabica-growing region of Minas Gerais state reached 60.9 mm last week, or 127% of the historical average, prices have not eased this week.

Brazil's new coffee crop, which will start in May 2025, is well underway and weather so far has been largely reported as favorable.

This follows a period of hot and dry weather in the Arabica coffee regions in the second and third quarters of this year before the rainy season began, a factor that many market participants are keeping an eye on as it potentially impacts the potential of the 2025/26 Brazilian coffee crop that is shaping up.

Thanh Lam

Source: https://vtcnews.vn/gia-ca-phe-hom-nay-24-11-tiep-tuc-tang-manh-ar909273.html