Continuing the slight upward trend?

Coffee price forecast for August 2nd, 2024: Domestic prices continue their upward trend. In the domestic market, prices in July 2024 increased to 4,300 – 4,800 VND/kg, marking the first month of price increases after two consecutive months of slight decreases. The average coffee price in the Central Highlands region today, August 1st, is recorded as being 4,400 VND/kg higher than on July 1st.

According to the Ministry of Agriculture and Rural Development , the leading market for Vietnamese coffee remains Europe. Of the more than 900,000 tons of coffee exported in the past seven months, Germany was the largest importer at 12.3%, followed by Italy at 9%, and Spain at 7.7%.

Meanwhile, emerging markets in Asia are experiencing high growth rates, particularly South Korea. In the first five months of 2024, Vietnam was the second largest supplier of coffee to the South Korean market, reaching 18,830 tons, a 5.7% increase in volume, and a value of US$55.8 million, a 57.4% increase in value compared to the same period last year. South Korea mainly imports unroasted coffee, accounting for 82% of its imports, with a growth rate of approximately 10% per year.

In contrast to South Korea, Southeast Asian countries such as Singapore, Myanmar, and the Philippines prefer processed coffee products and instant coffee from Vietnam. Vietnamese coffee brands like Trung Nguyen and K-Coffee are becoming increasingly familiar to consumers in the region and Asia. The average export price to these markets over the past six months ranged from US$4,107 to US$4,909 per ton.

Coffee price forecast for August 2nd, 2024: Will the slight upward trend continue?

Domestic coffee prices, updated at 4:30 AM on August 1st, 2024, according to www.giacaphe.com, have slightly increased by 100-200 VND/kg compared to yesterday, ranging from 123,000 to 123,600 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 123,500 VND/kg, with the highest purchase price in Dak Nong province at 123,600 VND/kg.

Specifically, the purchase price of coffee in Gia Lai province (Chu Prong) is 123,500 VND, an increase of 200 VND/kg; in Pleiku and La Grai, the price is 123,300 VND/kg; in Kon Tum province, coffee is purchased at 125,000 VND/kg, an increase of 200 VND/kg; and in Dak Nong province, coffee is purchased at the highest price of 123,600 VND/kg.

In Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, the price of bulk green coffee beans (green coffee beans, fresh coffee beans) is 123,000 VND/kg.

Coffee prices in Dak Lak province today, August 1st, increased slightly by 100 VND/kg compared to yesterday; in Cu M'gar district, coffee was purchased at approximately 123,500 VND/kg, while in Ea H'leo district and Buon Ho town, it was purchased at the same rate of 123,400 VND/kg.

Coffee prices today, August 1, 2024: Robusta coffee prices on the London exchange. (Image: Screenshot from giacaphe.com)

According to the latest world coffee price update at 8:45 PM on August 1, 2024 (Vietnam time) on the London exchange, Robusta coffee futures contracts for September 2024 delivery were at US$4,231/ton, down US$30 from the beginning of the trading session. The November 2024 contract was US$4,088/ton, down US$28; the January 2025 contract was US$3,935/ton, down US$35; and the March 2025 contract was US$3,800/ton, down US$39.

Coffee prices today, August 1, 2024: New York Arabica coffee prices (Image: Screenshot from giacaphe.com)

Specifically, the price of Arabica coffee on the New York exchange today, at 8:45 PM on August 1, 2024, decreased across all contract periods, fluctuating between 223.20 and 227.75 cents/lb.

Specifically, the September 2024 delivery contract was 227.20 cents/lb, down 0.63 cents/lb from the start of the session. The December 2024 contract was 226.55 cents/lb, down 0.70 cents/lb; the March 2025 contract was 225.55 cents/lb, down 0.59 cents/lb; and the May 2025 contract was 223.20 cents/lb, down 0.71 cents/lb.

Coffee prices today, August 1, 2024: Brazilian Arabica coffee prices. (Image: Screenshot from giacaphe.com)

Brazilian Arabica coffee prices today, at 8:45 PM on August 1, 2024, showed mixed movements. Specifically, the September 2024 delivery contract was $285.00/ton (down 0.66%); the December 2024 contract was $279.40/ton (up 0.13%); the March 2025 contract was $271.15/ton (down 1.42%); and the May 2025 contract was $273.20/ton (down 0.67%).

Robusta coffee traded on the ICE Futures Europe exchange (London exchange) opens at 4:00 PM and closes at 12:30 AM (the next day), Vietnam time.

Arabica coffee on the ICE Futures US (New York exchange) opens at 4:15 PM and closes at 1:30 AM (the next day), Vietnam time.

For Arabica coffee traded on the B3 Brazil exchange, trading hours will be from 7:00 PM to 2:35 AM (the following day), Vietnam time.

Globally, coffee prices, especially Arabica coffee prices, continue to decline due to pressure from the progress of the new crop harvest in Brazil.

An update from Safras & Mercado on July 26th showed that Brazil had completed 81% of its 2024/2025 coffee harvest as of July 23rd, faster than the 74% at the same time last year and ahead of the five-year average of 77%. In particular, the amount of graded Arabica coffee held on the New York market increased by 2,495 bags on the last trading day of the week, reaching 814,801 bags.

For Arabica coffee specifically, Brazil has completed 75% of its harvest, faster than the 65% at the same time last year and faster than the 5-year average of 69%. For Robusta coffee, 95% of the new crop has been harvested, faster than the 89% at the same time last year and faster than the 5-year average of 93%.

* This information is for reference only.

Source: https://congthuong.vn/du-bao-gia-ca-phe-ngay-282024-noi-tiep-da-tang-nhe-336304.html