Domestic coffee prices continuously broke previous records, and on the morning of March 28, they officially exceeded the mark of 100,000 VND/kg.
Following gold, the price of an agricultural product also continuously set records
On March 28, Mr. Nguyen Huu Long, Director of Vietnam Coffee Academy Joint Stock Company VCA (Gia Lai province), confirmed that the price of locally traded bucket coffee has exceeded the mark of 100,000 VND/kg, the highest level since before now.
“This is bucket coffee bought from farmers. Before roasting, it must be colored to remove impurities such as: grit, soil, damaged beans, etc. The loss is about 5-7%, so the price of raw coffee for roasting and grinding.” even higher” – Mr. Long said.
Thus, compared to the same period last year, the price of raw coffee has increased more than 2 times.
However, according to Mr. Long, the price increase in the coming time will not be anything, the upcoming “tsunami” will be the real “tsunami” of the coffee industry.
Sharing about this issue with Nguoi Lao Dong newspaper, Mr. Thai Nhu Hiep, Vice President of the Vietnam Coffee and Cocoa Association (VICOFA), India and Indonesia also have coffee but the output for export is very low. little. The world’s number 1 coffee producing country, Brazil, doesn’t come into season until July, so the world’s coffee supply is still very tense.
Updated by the end of February 2024, Vietnam has exported nearly 700,000 tons of coffee. According to VICOFA calculations, the amount of inventory at businesses (including businesses with foreign capital) is about 350,000 – 400,000 tons, while the population still has about 150,000 – 200,000 tons.
Thus, Vietnam has a maximum of about 600,000 tons of coffee until the new harvest begins next October. Last year, there was a huge shortage of coffee, this year the shortage is even more serious, so it is likely that prices will increase dramatically.
Robusta coffee prices on the London floor have also increased rapidly in the past few days. On the morning of March 28, it was recorded at 3,465 USD/ton, May delivery term. This price has surpassed all previous peaks.
Faced with the increasing trend of coffee prices, many businesses said they were in a difficult situation. The reason is that many coffee growers did not deliver to the agents whose prices they had previously fixed. Because agents do not have goods from farmers, they do not deliver goods to exporters, pushing export business into chaos…
World coffee prices fluctuate
World coffee prices in the early morning of March 28, 2024, at 5:24 a.m. were updated on the trading floor of the Vietnam Commodity Exchange MXV (world coffee prices are continuously updated by MXV, matching the trading floors). in the world, is the only channel in Vietnam that continuously updates links with trading floors around the world).
Information in Cong Thuong newspaper, 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 throughout the trading time of the exchange, www.giacaphe.com page updated as follows:
Notably at the end of the trading session, the price of Robusta coffee on the London floor on March 28, 2024 increased sharply, from 76 – 100 USD/ton compared to the previous trading session, ranging from 3,301 – 3,565 USD/ton. Specifically, the delivery term in May 2024 is 3,565 USD/ton; Delivery term in July 2024 is 3,473 USD/ton; Delivery term in September 2024 is 3,393 USD/ton and delivery term in November 2024 is 3,301 USD/ton.
Similarly, the price of Arabica coffee on the New York floor on the morning of March 28, 2024 increased, slightly. Specifically, the delivery term in May 2024 is 191.05 cents/lb; July 2024 delivery period is 190.25 cents/lb; September 2024 delivery period is 189.75 cents/lb and December 2024 delivery period is 189.40 cents/lb.
Brazilian Arabica coffee prices on the morning of March 28, 2024 tended to increase, ranging from 230.45 – 233.20 USD/ton. Specifically, the delivery term in May 2024 is 233.20 USD/ton; July 2024 delivery period is 232.25 USD/ton; September 2024 delivery is 231.55 USD/ton and December 2024 delivery is 230.45 USD/ton.
Robusta coffee traded on ICE Futures Europe (London floor) opens at 16:00 and closes at 00:30 (the next day), Vietnam time.
Arabica coffee on the ICE Futures US floor (New York floor) opens at 16:15 and closes at 01:30 (the next day), Vietnam time.
For Arabica coffee traded on the Brazilian B3 floor, it will be open from 19:00 – 02:35 (the next day), Vietnam time.
Source: https://www.nguoiduatin.vn/mot-loai-nong-san-viet-nam-lap-ky-luc-ve-gia-a656246.html