Domestic coffee prices in early November 2024 continued to decrease by more than 3,000 VND/kg compared to the end of October - Photo: NGUYEN KHANH
Market records show that on November 3, domestic coffee prices were at over VND106,000/kg. Compared to the end of October, about 4 days ago, they decreased by over VND3,000/kg.
Specifically, in Gia Lai province, coffee is priced at 106,300 VND/kg, in Kon Tum province at 106,400 VND/kg, in Dak Nong coffee is purchased at 106,500 VND/kg. Or Lam Dong coffee is priced at 106,000 VND/kg.
Meanwhile, in the international market, Robusta and Arabian coffee prices both decreased.
As can be seen on the evening of November 2 (Vietnam time), the highest price of Robusta coffee fluctuated only 4,200 - 4,400 USD/ton. Specifically, Robusta coffee for delivery in January 2025 on the London floor 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 floor for delivery in December 2024 decreased by 1.2%, equivalent to the end of the previous session.
Vietnam's coffee harvest season is in full swing, and the pressure of increased demand has been lifted as the European Commission (EC) is proposing to delay the implementation of new regulations on the import of goods, causing coffee prices around the world and domestically to "rain" down day by day.
“Early next week, coffee prices are expected to continue to fall. Right now, with coffee prices, every time you open your eyes, you see a sharp drop. But as I have emphasized many times, this is completely normal.
“Demand is decreasing, supply is increasing again, so prices are fluctuating,” Mr. Nguyen Nam Hai, chairman of the Vietnam Coffee and Cocoa Association, told Tuoi Tre Online , when looking at the daily decrease in coffee prices.
Price drop but confident not less than 100,000 VND/kg
According to an agricultural export business director in Dak Lak , coffee growers have had a successful year. Currently, the company's inventory is almost zero, although the amount of goods exported from now until the end of the year is decreasing sharply.
“As a rule, every harvest season, prices will adjust sharply due to abundant supply, especially in the first quarter. But I observe that this year's market is different, in that if supply increases in the short term, prices will only adjust slightly.
I believe that coffee prices will remain at no less than VND100,000/kg because the total supply next year will continue to decrease due to the impact of extreme weather. Currently, many farmers have earned a fair amount of money from the last season, so they are not under financial pressure to sell their coffee early," he said.
Comment (0)