On November 1st, coffee prices in Vietnam experienced a substantial, synchronized increase, approaching the 60,000 Vietnamese dong per kilogram mark. The coffee price today ranged between 58,800 and 59,600 Vietnamese dong per kilogram. Speculators, looking to enhance their business positions, made significant purchases during the previous trading session, leading to a resurgence in coffee prices on both domestic and international markets. Additionally, coffee harvesting in various regions of the country has commenced earlier this year.

In the districts of Dilinh, Lamha, and Baoloc, located in Lamdong province, coffee prices were recorded at 58,800 Vietnamese dong per kilogram. In Cu M'gar district in Daklak province, coffee prices today stood at 59,600 Vietnamese dong per kilogram. Similarly, in Ea H'leo and Buonho districts, also in Daklak province, coffee prices were bought at 59,500 Vietnamese dong per kilogram.

In Daknong province, coffee was being purchased at 59,600 Vietnamese dong per kilogram in Gianghia and 59,500 Vietnamese dong per kilogram in Dak R'lap. In Gia Lai province, coffee prices today were at 59,600 Vietnamese dong per kilogram in Chu Prong, while Pleiku and La Grai both reported prices at 59,500 Vietnamese dong per kilogram. Meanwhile, in Kon Tum province, coffee prices were bought at 59,500 Vietnamese dong per kilogram.

The domestic coffee market is following the upward trend of the London market compared to the same time yesterday.

At the end of the trading session for the start of the week, Robusta coffee prices on the London market for January 2024 delivery rose by 53 USD per ton, reaching 2,367 USD per ton. For March 2024 delivery, prices increased by 41 USD per ton, reaching 2,331 USD per ton.

On the New York market, Arabica coffee prices for December 2023 delivery increased by 7.9 cents per pound, reaching 167 cents per pound. For March 2024 delivery, prices rose by 6.5 cents per pound, reaching 164.8 cents per pound.

The surge in coffee prices is attributed to speculators aiming to improve their business positions, leading to a recovery in coffee prices on both the London and New York markets. Previously, consecutive rainfall in the primary coffee-growing regions of Brazil was believed to be the cause of the continuous decline in coffee futures prices.

Summarizing the month of October 2023, Robusta coffee prices experienced a decline while Arabica coffee prices surged. Vietnam's coffee exports in October 2023 rebounded, reaching 60,000 tons, a 17.7% increase compared to September 2023. However, this was still a 29.7% decrease from the same period in 2022. The export value reached 189 million USD, a 12.1% increase from September but a 13.6% decrease from the previous year.

In the first ten months of 2023, Vietnam's coffee exports reached 1.313 million tons, a 9.5% decrease compared to the same period in 2022, with a total export value of 3.32 billion USD, a 0.2% decrease. Following the period of heavy rains that affected the new harvest, the improving weather conditions bring hope that Vietnam's coffee export activities will soon improve due to the new supply.

According to Kinhtedothi