Coffee prices have surged on international markets, with both Robusta and Arabica varieties experiencing significant increases due to various factors. In Vietnam, a key Robusta producer, prices have risen for four consecutive sessions, potentially reaching 100,000 VND/kg amid forecasts of a 20% drop in the country's coffee output for the 2023/24 crop year due to drought. This anticipated decrease is expected to lead to a global Robusta deficit of 2.7 million bags in the 2024/25 crop year. Factors contributing to the price hike include the substitution of Arabica with Robusta by retailers, increased shipping costs due to geopolitical tensions, and financial speculation. The scarcity of coffee supply is prompting businesses like the 2/9 Dak Lak Import-Export Company Limited to be cautious in accepting new orders, highlighting the broader impact of these trends on the coffee industry.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
According to records, the price of Robusta coffee on ICE Europe - London continues to increase. Futures for delivery in May increased by 94 USD, to 3,559 USD/ton and futures for delivery in July increased by 92 USD, to 3,467 USD/ton, strong increases. Average trading volume. Similarly, the price of Arabica coffee on the ICE US - New York floor has the same increasing trend. May delivery futures increased 2.6 cents, to 190.65 cents/lb and July delivery futures increased 2.65 cents, to 189.9 cents/lb, strong increases. Trading volume remains well above average. Domestic coffee prices today continue to increase by 1,600 - 1,700 VND/kg. In detail, after increasing 1,700 VND/kg, coffee price in Dak Nong was raised to the highest level of 99,800 VND/kg. The two provinces of Dak Lak and Gia Lai both increased by 1,600 VND/kg to a common mark of 99,600 VND/kg. Lam Dong province is trading at the lowest level of 99,300 VND/kg, an increase of 1,600 VND/kg. The current recorded coffee price ...
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