COFFEE PRICE TODAY ON FEB 28th, 2024- prices increased simultaneously

COFFEE PRICE TODAY ON FEB 28TH, 2024- prices increased simultaneously

In Vietnam, raw coffee price today February 28 is in the range of 82,200 - 83,000 VND/kg. Currently, coffee prices in the domestic market have reached a historical peak in the past 30 years, exceeding the mark of 83,000 VND/kg, an increase of 70% over the same period. The average export coffee price reached nearly 3,100 USD/ton, up nearly 43% over the same period.

At the end of the latest trading session, the price of Robusta coffee in London for delivery in May 2024 increased by 57 USD/ton, at 3,077 USD/ton, for delivery in July 2024 increased by 50 USD/ton, at 3,014 USD/ton. 

Arabica coffee price for delivery in May 2024 increased by 3.45 cents/lb, at 183.5 cents/lb, for delivery in July 2024 increased by 2.85 cents/lb, at 181.65 cents/lb.

The two coffee floors increased well on the day of closing business positions. Supporting factors come from weather information in Brazil and tight coffee supply globally. In the first half of February 2024, Vietnam exported nearly 57,000 tons of coffee, with a turnover of 184.4 million USD. 

Overall, from the beginning of the year to February 15, the amount of coffee exported reached nearly 295,000 tons, with a turnover of 911 million USD. Compared to the same period last year, the amount of coffee exported increased by only 16.7% but the turnover increased by 66.8%. 

Accordingly, the average export coffee price reached nearly 3,100 USD/ton, up nearly 43% over the same period last year. Currently, coffee prices in the domestic market have reached a historic peak in the past 30 years, exceeding the mark of 83,000 VND/kg, up 70% over the same period last year. 

With this situation in 2024, experts forecast that coffee exports could reach 4.5 - 5 billion USD. This will be the year reaching a new record for Vietnam's coffee export turnover. The supply on the market is lacking, so it is almost like Vietnam is "alone in the market".

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