Monday, June 24,2024 - 19:40 GMT+7  Việt Nam EngLish 

DAILY: Vietnamese coffee prices rose by 400 VND on January 29 

 Monday, January 29,2024

AsemconnectVietnam - On Monday, Robusta coffee prices in Vietnam's Central Highlands, the country's largest coffee-growing area rose by 400 VND to VND76,500 – VND77,400 per kg compared to Yesterday, according to Kinhtedothi.

Gia Nghia of Dak Lac provided the maximum price of VND75,600/kg, while traders in Lam Dong province offered the lowest price of VND76,500/kg. Robusta coffee increased to VND75,600per kg in Bao Loc, Di Linh, and Lam Ha; to VND 77,000 per kg - VND 7,100 per kg in Dak Lak; to VND 77,300 – VND77,400 in Dak Nong; to VND76,900 per kg in Kon Tum, and to VND76,900 – VND 77,000 per kg in Gia Lai.
Expert Nguyen Quang Binh commented that Robusta coffee prices set new peaks every week. From the beginning of 2024, the London exchange increased by 13% based on business performance. In the last 52 weeks, Robusta coffee increased by 66% - a number that exceeded the predictions of many experts and purchasing businesses.
Experts say the price of coffee from Vietnam is increasing due to congestion in the shipping route to Europe through the Suez and Panama canals. The delay also caused inventories in Europe to be significantly low. So even though the London exchange continuously entered the overbought zone, the price still increased steadily.
Domestically, coffee is in short supply due to a shortage in the previous crop. Some output is in short supply so we have to wait until the new crop year to export.Besides, exporters are afraid of shortages like last year so they will buy and store more of them. This helps coffee prices increase as in recent times.
It is predicted that coffee prices have reached a threshold and are unlikely to increase further even though the conflict in the Red Sea causes shipping rates to increase.
Arabica coffee futures on ICE rose sharply on last Friday to reach a nearly 5% weekly gain, as the focus remained on whether there would be sufficient rain in Brazil's coffee belt to ease concerns about dryness. March arabica coffee settled 6.9 cents, or 3.7%, higher at $1.9385 per lb, climbing back towards Tuesday's four-week high of $1.9575. The contract gained 4.7% in the week.
Dealers noted recent rains had mostly been in the northern half of Brazil's coffee belt, though forecasts suggested there were likely to be showers in central areas in early February.
Vietnam exported 96,000 metric tonnes of coffee in the first two weeks of January, up 4.2% from a year earlier, government data released on Monday showed.
Coffee export revenue in the Jan. 1 to Jan. 15 period rose 40% to $283 million, the General Statistics Office said in a report.
Following are domestic Robusta coffee prices on January 29, in Vietnam's Central Highlands:

 
T.Huong
Source:
 Vitic/Kinhtedothi

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