Coffee price today 11/6/2024
World coffee prices increased sharply on both the New York and London exchanges on the US Presidential election day, with robusta rising by $54/ton to $4,372/ton. Two consecutive days of increases helped robusta regain nearly $100/ton lost in previous sessions.
Domestic coffee prices continued to increase today, November 6, currently trading in the range of 106,500 - 107,000 VND/kg. Localities in Vietnam entered the new harvest season with both joy and worry.
This is the first time in more than a month that coffee prices have increased for two consecutive days on both exchanges. Prices increased as the outlook for Brazil’s next crop remains uncertain despite the return of rain. Meanwhile, Vietnam’s supply may be lower than estimated due to drought earlier this year.
Rains in key coffee-producing regions in October facilitated flowering, raising producers’ expectations for the 2025-2026 crop, the Brazilian Agricultural Research Agency (CEPEA) said. However, concerns about crop development remain uncertain, given that coffee plants have been affected by high temperatures and a lack of rain for nearly six months in some areas.
The 2023-24 crop failure, high prices and low yields have led to a high rate of sales this year, leaving inventories tight, raising concerns about coffee supplies until Brazil’s next crop.
Vietnam’s robusta harvest could help ease price pressure, but the smaller output may not be enough to restore global coffee supplies in the long term. Vietnam’s coffee output this year (including arabica and robusta) is expected to be around 26-27 million bags, down from the USDA’s May estimate of 29 million bags, as the impact of drought has yet to be fully assessed, according to Comunicaffe.
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| Domestic coffee prices today, November 6, increased by 600 VND/kg in some key purchasing localities. (Source: Eventbrite) |
According to World & Vietnam , at the end of the trading session on November 6, the price of robusta coffee on the ICE Futures Europe London exchange increased, the delivery term for January 2025 increased by 54 USD, trading at 4,372 USD/ton. The delivery term for March 2025 increased by 54 USD, trading at 4,303 USD/ton. Trading volume was low.
Arabica coffee prices on the ICE Futures US New York exchange increased, with the December 2024 delivery term up 4.2 cents, trading at 250.15 cents/lb. Meanwhile, the March 2025 delivery term increased 4.45 cents, trading at 249.40 cents/lb. Trading volume was high.
Domestic coffee prices today, November 6, increased by 600 VND/kg in some key purchasing localities. Unit: VND/kg
(Source: giacaphe.com) |
Vietnam’s coffee industry is regaining its position in the agricultural sector. Safras & Mercado said that rising robusta prices are encouraging Vietnamese coffee growers to expand their acreage and invest in their farms.
A few years ago, when prices were less than half of what they are now, coffee lost market share to pepper and durian. That trend has been reversed in the past two years. According to the Coffee Cocoa Association (Vicofa), the total coffee area increased to 718,000 hectares by the end of 2023 and is expected to expand further by the end of 2024.
According to the Department of Crop Production, Ministry of Agriculture and Rural Development, in the past 2 years, thanks to the high price of coffee, people have invested in better care for their gardens, and the planting area has increased. In addition, the replanting project of the Ministry of Agriculture and Rural Development in coordination with the World Bank (WB) has had positive effects in helping to increase garden productivity, typically in Lam Dong and Gia Lai.
Among them, Gia Lai has emerged as one of the localities with higher coffee prices than the average of the region. The reason is believed to be that Gia Lai developed coffee trees later, so it uses new varieties of good quality and high productivity. In addition, the cool climate and nutritious soil help create high quality coffee beans.
However, in Dak Lak, according to the Buon Ma Thuot Coffee Association, the 2024-2025 crop output may decrease by 5-10% compared to the previous crop. The reason is that thousands of hectares of coffee suffered from drought and lack of water during the dry season of 2024 - the stage when the trees were bearing fruit, leading to many gardens losing young fruit or small coffee beans. In addition, the coffee area continues to decrease because many farmers intercrop or switch to growing some fruit trees with high economic value, which also significantly reduces the province's coffee output this crop.
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