Specifically, on the morning of April 18th, the price of coffee in Dak Lak was 117,000 VND/kg, an increase of 2,500 VND from the previous day. The price of coffee in Lam Dong was 116,400 VND/kg, an increase of 2,400 VND. In Gia Lai, the price of coffee was 116,900 VND/kg, an increase of 2,500 VND/kg. In Dak Nong, the price of coffee was 117,100 VND/kg, an increase of 2,500 VND.
Many opinions predict that the price of coffee may not stop increasing and will reach a higher level.
Previously, on April 16th, the price of coffee increased sharply with the highest increase of up to 3,500 VND/kg in Lam Dong. By the afternoon of April 17th, the price of coffee in the country had reached 117,000 VND/kg, a high that no one had expected.
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On the world market, the price of coffee also tends to increase sharply across delivery periods.
Robusta coffee prices on the London floor on April 18th, 2024 at 4:24 am skyrocketed, surpassing USD 4,000/ton, an increase of USD 206 – 229/ton compared to the previous trading session, fluctuating from USD 3,783 – 4,244/ton.
Specifically, the delivery period for May 2024 is USD 4,234/ton; the delivery period for July 2024 is USD 4,195/ton; the delivery period for September 2024 is USD 4,111/ton; and the delivery period for November 2024 is USD 4,000/ton.
Similarly, Arabica coffee prices on the New York floor on the morning of April 18th, 2024 also increased sharply, with an increase of 10.95-11.95 cents/lb compared to the previous trading session.
Specifically, the delivery period for May 2024 is 247.95 cents/lb; the delivery period for July 2024 is 240.35 cents/lb; the delivery period for September 2024 is 238.40 cents/lb; and the delivery period for December 2024 is 236.45 cents/lb.
Thus, Arabica coffee has increased to its highest level in 1.5 years, and Robusta coffee continues to hold the USD 4,000/ton mark, an iconic high mark of all time.
According to experts, the world coffee production for this year’s crop year will decrease by about 10-15%. Meanwhile, Vietnam’s output for the 2023-2024 crop year is forecast to decrease by 10%. In addition, tensions in the Red Sea have caused freight rates and many other costs to increase, thereby creating pressure that will push coffee prices even higher.
The prolonged hot weather in Southeast Asia is greatly affecting the coffee crop, exacerbating the current tight supply, prompting coffee processors to increase their purchases due to concerns about a global supply shortage.
