Coffee prices hit record high in early January 2024
VOV.VN - Coffee farmers are advised to cash in on export shipments as coffee prices are on the rise in the global market.
The price of Robusta coffee on ICE Europe - London continued to increase for a fifth session in a row, up US$18 to reach US$2,950 per tonne in March delivery term and up by US$15 to US$2,845 950 per tonne in the May delivery term.
Meanwhile, the price of Arabica coffee on ICE US - New York is on the downward trend, down 2.95 cent to 181.15 cent per lb in the March delivery term and down 3.10 cent to 178.95 cent per lb in the May delivery term.
The increase in the Robusta coffee price in consecutive sessions comes amid concerns about a limited supply from Asia and the prolonged blockage of the Europe-Asia shipping route through the Suez Canal.
The Vietnam Coffee and Cocoa Association estimated that the Vietnamese coffee output in the 2023 - 2024 crop would drop to 1.6 - 1.7 million tonnes, lower than the 1.78 million tonnes of the previous crop.
The price of Vietnamese coffee in major coffee growing areas such as Lam Dong, Dak Lak, Dak Nong, Gia Lai, and Kon Tum rose to VND71,000 (roughly US$2.9) per kilo on January 11, beating the all-time high of VND70,000 per kilo last summer.
It is forecasted that the Vietnamese coffee industry will continue to benefit this year thanks to the high prices of Robusta coffee.
In 2023, Vietnam shipped 1.62 million tonnes of coffee abroad, earning US$4.24 billion, down 8.7% in volume but up 4.6% in value year on year.
