Domestic coffee prices on September 10, 2024, have increased by 2,000 VND/kg to 119,700–120,300 VND/kg. Currently, the average price in the Central Highlands is 120,000 VND/kg.
Specifically, the price of coffee in Gia Lai province (Chu Prong) is 120,300 VND, an increase of 2,000 VND/kg compared to yesterday. In Pleiku and La Grai, the price is 120,200 VND/kg. In Kon Tum, the price is 120,300 VND/kg, an increase of 2,000 VND/kg. The price of Dak Nong coffee is 120,300 VND/kg, up 2,000 VND/kg.
The price of green coffee in Lam Dong province is 119,700 VND/kg, an increase of 2,000 VND/kg compared to yesterday.
Coffee prices have increased in the domestic and international markets.
The price of coffee today in Dak Lak province, Cu M’gar district, is about 120,200 VND/kg, an increase of 2,000 VND/kg, while in Ea H’leo district, Buon Ho town, the price is 120,100 VND/kg.
Coffee prices have risen sharply due to adverse global weather events that cause concerns about coffee production, such as the drought situation in Brazil, after meteorological agency Somar Meteorologia reported on Monday that the Brazilian state of Minas Gerais had no rain over the past week. In addition, Typhoon Yagi, the strongest storm formed from the East Sea for the first time, struck northern Vietnam as a proof of the instability of global weather change.
The International Coffee Organization (ICO) reported that global coffee exports from October last year to July this year increased by +10.5% compared to the same period last year. However, this did not cause coffee prices to decline. It proves that the instability is quite persistent, and the market feels that it has not been resolved despite the increase in export output.
The General Department of Vietnam Customs recently reported that Vietnam’s coffee exports from January to August decreased by 12.5% compared to the same period last year to 1.05 million tons.
According to Reuters, the two-year rise in Robusta prices to record highs last week has prompted investors and farmers to grow more Robusta coffee in Brazil. This country has been the largest producer of Arabica coffee, a lighter-tasting coffee favored by high-end Western coffee shops. However, the production of Robusta coffee, which is widely used to make instant coffee, has increased rapidly with high demand and good prices.
Bloomberg said that coffee futures prices for both Arabica and Robusta increased after the strong typhoon Yagi hit Vietnam. It seems that the market panicked about this news without knowing that the typhoon had entered the north without affecting Vietnam’s key growing areas, which are in the Central Highlands to the south.