Domestic coffee prices at the beginning of November 2024 continued to fall by more than 3,000 VND/kg compared to the end of October – Photo: NGUYEN KHANH
According to market observations, on November 3rd, the price of domestic coffee was over 106,000 VND/kg. Compared to the end of October, about 4 days ago, this represents a decrease of more than 3,000 VND/kg.
Specifically, in Gia Lai province, coffee is priced at 106,300 VND/kg, in Kon Tum province at 106,400 VND/kg, and in Dak Nong at 106,500 VND/kg. Alternatively, coffee in Lam Dong province is priced at 106,000 VND/kg.
Meanwhile, on the international market, the prices of both Robusta and Arabica coffee have fallen.
As seen on the evening of November 2nd (Vietnam time), the highest price for Robusta coffee only fluctuated between 4,200 and 4,400 USD/ton. Specifically, Robusta coffee for January 2025 delivery on the London exchange decreased by 2.06%, equivalent to 90 USD/ton, trading at 4,279 USD/ton.
Meanwhile, at the same time, the price of Arabica coffee on the New York exchange for December 2024 delivery fell by 1.2%, the same as at the end of the previous session.
Vietnamese coffee is in its harvest season, and the pressure from increased demand has eased as the European Commission (EC) is proposing to postpone the implementation of new import regulations, causing coffee prices worldwide and domestically to plummet day by day.
"At the beginning of next week, we predict coffee prices will continue to fall. Right now, with coffee prices, you see sharp drops every time you open your eyes. But as I've emphasized many times, this is perfectly normal."
"Demand is decreasing, and supply is increasing again, so prices are fluctuating," Mr. Nguyen Nam Hai, chairman of the Vietnam Coffee and Cocoa Association, told Tuoi Tre Online , commenting on the daily drop in coffee prices.
Despite the price drop, there is still confidence that it will not fall below 100,000 VND/kg.
According to an agricultural export business director in Dak Lak , coffee farmers had a successful year. Currently, the company's inventory is almost zero, even though export volumes are expected to decrease sharply from now until the end of the year.
"As a rule, prices tend to fall sharply during harvest season due to abundant supply, especially in the first quarter. But I've observed a difference in this year's market: if supply increases in the short term, prices only adjust slightly."
"I believe coffee prices will remain at no less than 100,000 VND/kg. This is because the total supply next year will continue to decrease due to the impact of extreme weather. Currently, many farmers have earned a considerable amount from the past season, so they are not under financial pressure to sell their coffee early," this person said.
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