Coffee price today 8/7/2024
World coffee prices have increased by more than 200 USD/ton. Domestic coffee prices today, August 7, increased by 2,000 VND/kg, trading in the range of 124,000 - 124,900 VND/kg. This is the first time in more than a month that coffee prices have increased to three digits. This is also the highest price in the past 2 weeks, the reason for the price increase in the trading session on August 6 is because the forecasting agency Rural Clima said that temperatures in southern Brazil could drop to near freezing next week. Colder weather in Brazil has spooked investors and forced some to close short positions, although meteorologists have dismissed the risk of frost damage to coffee plants. In fact, according to some reputable forecasting agencies, the problem does not seem to be as serious as the forecast bulletin mentioned, it is just that coffee prices are too sensitive during this time. In addition, according to a broker, roasters are taking advantage of the price drop to close purchase contracts. News such as the possibility of frost or crop disadvantages are good opportunities for these components to liquidate their buying positions in the market. These are also often good opportunities for farmers in countries with flexible and effective financial mechanisms to jump in and sell their agricultural products. Regarding the supply and demand situation, an update from the International Coffee Organization (ICO) shows that global coffee exports in June reached about 647,000 tons, up 3.8% compared to the same period last year. Cumulative global coffee exports from the start of the 2023-2024 crop year to date (October to June) increased by 10.1% year-on-year to 6.2 million tonnes. The ICO also maintained its forecast for global coffee supply at 5.83% lower than last year, totaling 178 million bags for the 2023/2024 coffee year. The forecast for global consumption in the 2023/2024 crop year is up 2.25% year-on-year to 177.00 million bags. |
| Coffee price today December 15: Continuing to increase, robusta coffee up to 1,350 USD/ton; Rubber price adjusted in opposite directions |
Domestic coffee prices today, August 7, increased sharply by VND 2,000/kg in key purchasing localities. Unit: VND/kg
|
According to data from the European Statistical Office (Eurostat), by the end of May, the EU spent 5.35 billion EUR to import 1.3 million tons of various types of coffee (HS 0901 and 2101) from the world, an increase of 4.8% in volume and 8.7% in value compared to the same period last year.
The main coffee supplying markets for the EU include: Brazil, Vietnam, Honduras, Uganda, Colombia and India…
Of which, imports from Brazil led with 489,115 tons, up 28.6% over the same period last year. However, the average export price of Brazilian coffee to the EU decreased by 7.8% in the first 5 months of the year, down to 3,509 EUR/ton.
Vietnam continued to rank second with a volume of 340,598 tons and a value of more than 1 billion EUR. Compared to the same period last year, the export volume increased by only 1.5%, but the turnover increased by 42.4%, thanks to the export price of Vietnamese coffee to the EU skyrocketing by 40.3% to an average of 3,136 EUR/ton.
With this result, Vietnam's market share in the total value of EU coffee imports increased from 15.2% to 20%.
Comment (0)