Scarcity of supply recurs, coffee prices plummet at the end of the week?

Coffee prices are forecast to decline on September 22, 2024 in the domestic market. According to the General Department of Customs, in the first 8 months of 2024, Vietnam exported 1.06 million tons of coffee, worth 4.01 billion USD, down 12.1% in volume, but up 35.6% in value over the same period last year thanks to a sharp increase in export prices. In the first 8 months of 2024, the average export price of Vietnam's coffee reached 3,800 USD/ton, up 54.3% over the same period in 2023.

In August 2024 alone, the average export price of Vietnamese coffee reached 5,278 USD/ton, up 6.6% compared to July 2024 and up 72.9% compared to August 2023.

Domestic coffee prices were updated at 4:30 a.m. on September 21, 2024 as follows: The domestic coffee market today dropped sharply by 1,500 VND/kg, ranging from 121,700 - 122,100. Currently, the average purchase price in the Central Highlands provinces is 122,000 VND/kg, the highest purchase price in Dak Nong , Dak Lak, and Kon Tum provinces is 122,100 VND/kg.

Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 122,000 VND, down 1,500 VND/kg compared to yesterday, in Pleiku and La Grai the price is 121,900 VND/kg. In Kon Tum province, the price is 122,100 VND/kg, down 1,500 VND/kg compared to yesterday; In Dak Nong province, coffee is purchased at 122,100 VND/kg, down 1,500 VND/kg compared to yesterday.

Coffee price forecast September 22: Supply shortage recurs, coffee prices plummet at the end of the week?

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 121,700 VND/kg, down 1,500 VND/kg compared to yesterday.

Coffee prices today (September 21) in Dak Lak province; in Cu M'gar district, coffee was purchased at about 122,100 VND/kg, down 1,500 VND/kg, and in Ea H'leo district, Buon Ho town, it was purchased at 122,000 VND/kg.

Updated world coffee prices at 9:00 p.m. on September 21, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for September 2024 delivery on the London exchange was at 5,059 USD/ton, down 189 USD compared to the beginning of the trading session.

Coffee price today September 21, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com

The November 2024 delivery term is 4,803 USD/ton, down 186 USD; the January 2025 delivery term is 4,614 USD/ton, down 184 USD and the March 2025 delivery term is 4,485 USD/ton, down 174 USD.

Coffee price today September 21, 2024: New York Arabica coffee price. (Photo: Screenshot giacaphe.com)

In particular, the price of Arabica coffee on the New York floor today at 9:00 p.m. on September 21, 2024 decreased in all terms, fluctuating at 243.80 - 250.75 cents/lb.

Specifically, the December 2024 delivery period is 250.75 cents/lb; down 10.90 cents/lb compared to the beginning of the session. The March 2025 delivery period is 248.65 cents/lb, down 11.05 cents/lb; the May 2025 delivery period is 246.45 cents/lb, down 10.95 cents/lb and the July 2025 delivery period is 243.80 cents/lb, down 10.80 cents/lb.

Coffee price today September 21, 2024: Brazilian Arabica coffee price. (Photo: Screenshot giacaphe.com)

The price of Brazilian Arabica coffee today at 9:00 p.m. on September 21, 2024 increased and decreased in opposite directions. Specifically, the delivery period for September 2024 is 302.30 USD/ton, down 2.36%; the delivery period for December 2024 is 304.80 USD/ton, up 0.33%; the delivery period for March 2025 is 303.50 USD/ton, up 0.56% and the delivery period for May 2025 is 301.75 USD/ton, down 4.58%.

Robusta coffee traded on the ICE Futures Europe (London exchange) opens at 16:00 and closes at 00:30 (next day), Vietnam time.

Arabica coffee on the ICE Futures US floor (New York floor) opens at 16:15 and closes at 01:30 (next day), Vietnam time.

According to experts, the market is being affected in the short term, coffee prices on the two exchanges "collapsed" due to capital flows into gold as a safe haven asset after the US Federal Reserve's decision to drastically cut interest rates and the rains in Brazil.

Brazil’s coffee fields are waiting for rain. The two-week Global Forecast System has started to show some rain in the Brazilian coffee belt. This has made the market more optimistic about Brazil’s coffee production in the coming period. If there is rain in Brazil’s coffee growing regions next week, it will be during the flowering period, which is crucial for Brazil’s coffee trees.

Brazil's national average coffee yield is estimated at 28.8 bags per hectare, 1.9% lower than the 2023 harvest. Adverse weather conditions contributed to the lower result than Conab had initially predicted, the forecaster said. However, the decline was limited after Conab, Brazil's crop forecasting agency, cut its 2024 coffee production forecast to 54.8 million bags from the 58.8 million bags it had forecast in May, a significant reduction.

*Information is for reference only, prices may vary depending on region and locality.

Source: https://congthuong.vn/du-bao-gia-ca-phe-229-khan-hiem-nguon-cung-tai-dien-gia-ca-phe-cuoi-tuan-lao-doc-347444.html