Coffee prices are stable in the morning, plummeting in the afternoon, tomorrow is an unknown

Coffee prices are currently very unpredictable, businesses do not dare to predict prices, but sign long-term contracts - Photo: BTM

On December 23, speaking with Tuoi Tre Online , Mr. Nguyen Nam Hai, Chairman of the Vietnam Coffee - Cocoa Association, said that Vietnamese coffee prices were stable early in the week.

But by early afternoon, the market saw coffee prices plummet by another 500 VND/kg per session, to about 120,000 VND/kg.

Coffee in Lam Dong province is at 120,000 VND/kg (down 600 VND/kg compared to last weekend); coffee price in Gia Lai province is at 120,300 VND/kg (down the most by 700 VND/kg).

Also the head of Intimex Group Corporation, a unit in the top coffee exporting enterprises in Vietnam, Mr. Hai has a good understanding of the industry, but he said he "gave up" to the current coffee price developments.

Mr. Hai added: "If this afternoon's session takes place, it is difficult to predict whether coffee prices will increase or decrease, so we give up.

As I have emphasized many times, coffee prices depend on many factors such as market supply and demand; many financial speculators participating in the market have a deep impact on the coffee market, the world situation ...

In recent days, Vietnamese coffee is at the peak of its harvest season. Coffee is an essential consumer product, so the concern about coffee prices is “indispensable” for many people, from consumers, farmers to producers and businesses in the industry…

Recorded from last weekend to the morning of December 23, domestic coffee prices were assessed as stable, fluctuating at 120,000 VND/kg. Meanwhile, last week, coffee prices on the London (UK) floor tended to decrease, with delivery terms in January 2025 at 5,000 USD/ton.

In the 2022-2023 crop year, during the harvest season, coffee is sold at 60,000 VND/kg, farmers increase sales to the market.

This year's crop, at the beginning of the season, coffee prices were 120,000 VND/kg, plus unpredictable developments, so farmers... waited for more signals from the market and sold slowly.

By December 15, Vietnamese coffee exports had brought in 5.2 billion USD.

According to the Vietnam Coffee and Cocoa Association, as of December 15, Vietnam exported over 1.26 million tons of coffee, with an export turnover of nearly 5.2 billion USD, down 16.5% in volume but up 32.4% in value compared to the same period last year.

Germany, Spain and Italy are the three largest coffee consuming markets of Vietnam.

Source: https://tuoitre.vn/gia-ca-phe-sang-on-dinh-chieu-lao-doc-ngay-mai-la-an-so-20241223113411515.htm