In the first 10 months of the year, Vietnam exported 1.16 million tons of coffee, worth nearly 4.6 billion USD, down 10.8% in volume, but up 40.1% in value compared to the same period last year, according to estimates from the Import-Export Department, Ministry of Industry and Trade .
Coffee price today 11/10/2024
World coffee prices fell at the end of the week when the USD turned green again, but increased for the whole week.
At the end of the week, the price of robusta coffee futures for delivery in January 2025 increased by 97 USD/ton. The price of arabica coffee futures for delivery in December increased by 10.4 cents/lb. Robusta coffee had a week of increase after 5 consecutive weeks of sharp decline. Experts said that the factor that helped the increase this week was the adjustment of the interest rate to reduce by 0.25% by the US Federal Reserve (Fed) on November 7. The Fed's move caused the USD index to decrease sharply and boosted purchasing power for coffee. In addition, the developments of the US presidential election also contributed to the turmoil in the currency market, affecting commodity prices.
In recent days, the coffee market has been constantly adjusting according to the fluctuations of the US dollar. The greenback increases, coffee decreases and vice versa. In the first 3 days of the week when the US election results were not yet available, the market fluctuated within a narrow range, but in the last days of the week after Mr. Trump was elected US President, the market fluctuated strongly above 3 digits.
Domestic coffee prices increased by an average of VND1,000/kg last week, currently trading in the range of VND107,000 - 107,700/kg. At the beginning of the 2024/25 crop season, domestic coffee prices are still very high compared to previous years. The harvest has just begun and work will continue until the end of the year. The Import-Export Department, Ministry of Industry and Trade forecasts that Vietnam's coffee exports in the last months of the year will recover thanks to supply from the new harvest and increased demand.
Weather remains a key factor in the price trajectory. Coffee prices rose slightly in mid-week, pushing Arabica to a three-week high and Robusta to a one-week high, on concerns that unusually dry conditions in Brazil could limit the country’s output. Robusta was also supported by concerns that heavy rains from Typhoon No. 7 could hit Vietnam, which could affect harvests in the Central Highlands.
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| Coffee price today November 10, 2024: Robusta coffee price increased after 5 consecutive weeks of decline, an opportunity for Vietnamese coffee in the US after Mr. Trump's victory. |
According to World & Vietnam , at the end of this week's trading session (November 8), the price of robusta coffee on the ICE Futures Europe London exchange fell sharply, with the January 2025 delivery term down 110 USD, trading at 4,376 USD/ton. The March 2025 delivery term down 106 USD, trading at 4,318 USD/ton. Trading volume was low.
Arabica coffee prices on the ICE Futures US New York exchange decreased, with the December 2024 delivery term down 7.05 cents, trading at 253.35 cents/lb. Meanwhile, the March 2025 delivery term fell 6.65 cents, trading at 253.10 cents/lb. Trading volume was high on average.
Domestic coffee prices on November 9 decreased by VND 1,500/kg in some key purchasing localities. Unit: VND/kg
(Source: giacaphe.com) |
According to experts, Vietnamese coffee, especially specialty robusta, has great potential for export to the US as demand in this country increases dramatically.
The US is one of the top 5 markets for importing Vietnamese coffee in the world, with a turnover of nearly 310 million USD. According to businesses, this is still a modest figure compared to the import demand of the US as well as the import source from Brazil. Mr. Donald Trump's tendency to stimulate the economy and strengthen the USD will be an opportunity to increase the export turnover of Vietnamese coffee.
According to April 2024 data from the National Coffee Association (NCA), 67% of American adults consume coffee daily (more than any other beverage, including bottled water). This is a 37% increase since 2004 – marking the highest level in more than 20 years. The percentage of Americans who drink coffee weekly is even higher, at 75%.
Explaining the growth, NCA President William Murray said, “Coffee accounts for approximately 1.3% of the U.S. economy each year, is a cornerstone of Americans’ daily lives, and provides significant health benefits.” The growth of the specialty coffee industry is a major driver of Americans’ daily coffee consumption.
As specialty coffee becomes more influential in the U.S. coffee market, consumer demand is shaping the industry, making specialty coffee more accessible to a wider audience. Market experts say that American consumers are increasingly accessing specialty coffee through single-serve items like instant coffee and canned coffee.
Source: https://baoquocte.vn/gia-ca-phe-hom-nay-10112024-gia-ca-phe-robusta-tang-sau-5-tuan-giam-lien-tiep-co-hoi-cho-ca-phe-viet-o-my-sau-chien-thang-cua-ong-trump-293163.html
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