On September 12, the price of Robusta coffee on the London market surged, with the November delivery contract averaging 5,077 USD/ton, a significant increase of 69 USD/ton from the previous day. The highest price recorded was 5,115 USD/ton, a jump of 107 USD/ton.
The January 2025 futures contract also witnessed a substantial increase, reaching 4,816 USD/ton.
A representative from a coffee cooperative in Gia Lai province attributed the price rise to the upcoming harvest season, which typically leads to an increase in supply. However, buyers are anticipating a poor harvest due to the prolonged dry weather conditions since the beginning of the season, not just in Vietnam but also in Brazil. As a result, the upward trend in coffee prices is expected to continue.
Local coffee bean prices have remained relatively stable over time, ranging from 125,000 to 130,000 VND/kg. Compared to the peak prices in late April, domestic coffee prices are still 5,000 to 10,000 VND/kg lower.
Robusta coffee price surpasses 5,000 USD/ton
The surge in raw coffee prices has put coffee shops in a challenging position, forcing them to maintain or only slightly increase their selling prices to retain customers. According to F&B industry experts, the cost of raw materials for a cup of coffee, which used to be less than 20%, has now risen to 25-30% and even 50% for low-cost models.
According to the Vietnam Coffee-Cocoa Association (VICOFA), coffee exports in August continued to decline due to depleted stocks, with a volume of 73,223 tons and an export turnover of approximately 399.72 million USD. This represents a decrease of about 13.4% in volume but an increase of about 54.8% in value compared to the same period last year due to higher coffee prices. The average export price of Robusta coffee in August was 4,865 USD/ton.
In the first eight months of 2024, Vietnam exported over 1.05 million tons of coffee, with an export turnover of nearly 4.04 billion USD, a decrease of 12.5% in volume but an increase of 36.4% in value compared to the same period last year.
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