Domestic market declines sharply, world market rebounds

Update coffee prices today November 8, 2024, online coffee prices, Central Highlands coffee, Lam Dong coffee, Kon Tum coffee, green coffee, Arabica coffee November 8, 2024.

Today's coffee prices were updated at 4:30 a.m. on November 8, 2024 as follows, according to www.giacaphe.com, today's domestic coffee prices decreased by 1,000 VND/kg, ranging from 105,500-106,000 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 105,800 VND/kg, the highest purchase price in Dak Nong, Dak Lak , Gia Lai, Kon Tum provinces is 106,000 VND/kg.

Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 106,000 VND, down 1,000 VND/kg compared to yesterday, in Pleiku and La Grai the same price is 105,900 VND/kg; In Kon Tum province, the price is 106,000 VND/kg, down 1,000 VND/kg compared to yesterday; In Dak Nong province, coffee is purchased at the highest price of 106,000 VND/kg, down 1,000 VND/kg compared to yesterday.

Coffee price today November 8, 2024: Domestic price drops sharply, world market bounces back

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 105,500 VND/kg, down 1,000 VND/kg compared to yesterday.

Domestic coffee prices (November 8) in Dak Lak province; in Cu M'gar district, coffee was purchased at about 106,000 VND/kg, down 1,000 VND/kg compared to yesterday, and in Ea H'leo district, Buon Ho town, it was purchased at the same price of 106,900 VND/kg.

The market corrected after the USD index (DXY) rose to a four-month high, which reduced the prices of most commodities, including coffee.

Accordingly, the USD skyrocketed in the last trading session, after Republican candidate Donald Trump declared victory in the US presidential election, with policies on immigration, tariffs and trade expected to boost growth in the US.

In addition, a report from the International Coffee Organization (ICO) showed that world coffee exports reached 10.76 million bags in September, a sharp increase of nearly 25% compared to 8.62 million bags in the same period last year.

At the end of the 2023-2024 crop year (October 2023 to September 2024), global coffee exports will total 137.27 million bags, up 11.7% from 122.92 million bags in the previous crop year.

Of which, Arabica coffee exports totaled 84.68 million bags compared to 73.51 million bags last year; while Robusta coffee exports reached 52.6 million bags compared to 49.41 million bags in the same period.

The severe drought earlier this year (the worst in 10 years) affected crop growth and is expected to continue to cause a decline in production.

World coffee prices in the early morning of November 8, 2024, at 4:30 am, were updated on the Vietnam Commodity Exchange MXV (the only channel in Vietnam that continuously updates and links to exchanges around the world).

Today's online coffee prices of the three main coffee futures exchanges ICE Futures Europe, ICE Futures US and B3 Brazil are continuously updated by Y5Cafe during the trading hours of the exchange, updated by www.giacaphe.com as follows:

Coffee price today November 8, 2024: Robusta coffee price on the London floor. (Photo: Screenshot giacaphe.com

At the end of the trading session, the price of Robusta coffee on the London floor on November 8, 2024 at 4:30 a.m. increased to 4,282 - 4,486 USD/ton. Specifically, the delivery period for January 2025 is 4,486 USD/ton (up 179 USD/ton); the delivery period for March 2025 is 4,424 USD/ton (up 176 USD/ton); the delivery period for May 2025 is 4,365 USD/ton (up 176 USD/ton) and the delivery period for July 2025 is 4,282 USD/ton (up 167 USD/ton).

Arabica coffee prices on the New York floor on November 8, 2024. (Photo: Screenshot of giacaphe.com)

Arabica coffee prices on the New York floor on the morning of November 8, 2024 increased from 255.75 - 260.40 cents/lb. Specifically, the December 2024 delivery period is 260.40 cents/lb (up 4.68%); the March 2025 delivery period is 259.75 cents/lb (up 4.72%); the May 2025 delivery period is 258.35 cents/lb (up 4.72%) and the July 2025 delivery period is 255.75 cents/lb (up 4.58%).

Brazilian Arabica coffee price on November 8, 2024. (Photo: Screenshot of giacaphe.com)

The price of Brazilian Arabica coffee on the morning of November 8, 2024 increased and decreased in different directions. Specifically, the delivery period for December 2024 was 313.00 USD/ton (up 3.01%); the delivery period for March 2025 was 312.30 USD/ton (up 3.04%); the delivery period for May 2025 was 302.15 USD/ton (down 0.62%) and the delivery period for July 2025 was 299.20 USD/ton (down 0.63%).

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.

For Arabica coffee traded on the B3 Brazil floor, it will be open from 19:00 - 02:35 (next day), Vietnam time.

Since the beginning of the year, the EU’s decisions on the implementation of the EUDR have had a significant impact on world and Vietnamese coffee prices. On November 13-14, the EU will make an official decision on the implementation date of this regulation.

The EU is currently the world’s largest coffee importer, accounting for about 33-35% of the global market share. In Vietnam, the EU is the largest coffee exporting partner, accounting for about 38% of total coffee exports each year. Therefore, as soon as the EU issued new regulations related to coffee imports, the domestic and international markets raised concerns about changes in the supply-demand situation.

Mr. Nguyen Ngoc Quynh, Deputy General Director of the Vietnam Commodity Exchange (MXV), said that the EU is not only the largest trading partner of Vietnam but also many other supplying countries in the world. Therefore, any major policy on imported goods will immediately affect price movements. However, Mr. Quynh added that the strong fluctuations in coffee prices in recent times also stemmed from the change in speculative psychology in the market before the EP approved the EUDR. However, the official decision on the EUDR will still strongly affect the subsequent coffee price movements.

Mr. Quynh believes that the EU will be inclined to extend the time to implement the EUDR regulation. After all, the bloc still needs to consider ensuring the internal supply situation. Especially in the context of the market tending towards a supply deficit. Moreover, greening the market or ensuring environmental issues includes long-term roadmaps, although not implemented immediately, but is still an inevitable trend.

Coffee price list today 11/8/2024