Domestic and world coffee prices increased sharply on 7/12

Today’s coffee price December 7, 2024 on the world market, at 4:30 am, is updated on the Vietnam Commodity Exchange MXV (world coffee prices are continuously updated by MXV, matching the world exchanges, the only channel in Vietnam that continuously updates and links with the world exchanges). Today’s online coffee prices of the three main coffee futures exchanges ICE Futures Europe, ICE Futures US and B3 Brazil are continuously updated by Y5 Cafe during the trading hours of the exchange, updated as follows:

At the end of the trading session, the price of Robusta coffee on the London floor at 4:30 a.m. on December 7, 2024 continued to increase sharply, increasing from 233 – 258 USD/ton, fluctuating from 4.779 – 5193 USD/ton. Specifically, the monthly delivery term January 2025 was 5153 USD/ton (up 258 USD/ton); the monthly delivery term March 2025 was 5116 USD/ton (up 243 USD/ton); the monthly delivery term May 2025 was 5065 USD/ton (up 238 USD/ton) and the monthly delivery term July 2025 was 5000 USD/ton (up 233 USD/ton).

Similar to the London floor, the price of Arabica coffee on the New York floor on the morning of December 7, 2024 also increased sharply, increasing from 13.05 – 16.75 cents/lb, fluctuating from 300.70 – 331.70 cents/lb. Specifically, the monthly delivery term March 2025 is 330.25 cents/lb (up 16.75 cents/lb); the monthly delivery term May 2025 is 327.60 cents/lb (up 16.30 cents/lb); the monthly delivery term July 2025 is 321.95 cents/lb (up 15.40 cents/lb) and the monthly delivery term September 2025 is 314.15 cents/lb (up 13.05 cents/lb).

At the end of the trading session, the price of Brazilian Arabica coffee in the morning of December 7, 2024 was dominated by green, the price increased sharply, the increase was from 14.90 – 21.55 USD/ton depending on the delivery terms. Specifically, the monthly delivery term December 2024 was 405.00 USD/ton (up 14.95 USD/ton); the monthly delivery term March 2025 was 408.95 USD/ton (down 0.35 USD/ton); the monthly delivery term May 2025 was 409.15 USD/ton (up 21.55 USD/ton) and the monthly delivery term July 2025 was 401.50 USD/ton (up 20.35 USD/ton).

Meanwhile, domestic coffee prices updated at 4:30 a.m. on December 7, 2024 also continued to increase sharply compared to the previous trading session, an increase of about VND5.600/kg. Currently, the average coffee purchase price in the Central Highlands provinces is VND120.100/kg.

Specifically, the coffee purchase price in Gia Lai province is at 120.000 VND/kg; the coffee purchase price in Dak Nong province is 120.200 VND/kg and Dak Lak has the highest price of 120.000 VND/kg; the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 118.500 VND/kg.

Coffee price today (date 7/12) in Dak Lak province; in Cu M’gar district, coffee is purchased at the price of 120.100 VND/kg, and in Ea H’leo district, Buon Ho town, it is purchased at the price of 120.000 VND/kg.

Experts predict that tomorrow’s coffee price December 8, 2024 will continue to increase strongly.

According to statistics, today 7/12 is the 3 consecutive day that world coffee prices have increased strongly by 3 digits, the increase has regained what was lost in previous deep declines. Meanwhile, domestic coffee prices have also witnessed the 2 consecutive day of strong price increases.

Experts say that tomorrow December 8, 2024, domestic and world coffee prices will continue to increase strongly.

According to experts, the price of coffee in the Central Highlands increased faster than the world price due to many different reasons, including speculation when coffee prices decreased. Specifically, some businesses took advantage of the coffee price reduction at the beginning of the week to buy coffee to pay off contract debts and “hold on to goods” to make a profit.

In addition, experts also commented that the global coffee market trend is still low supply compared to the increasing consumer demand. Moreover, the current harvest in many places has not yet reached its peak, reaching only about 30% and farmers are not under economic pressure, so the recent price drop did not cause a sell-off. Therefore, when the world market recovered, domestic prices increased sharply again.

According to Reuters, despite the peak harvest season, domestic coffee prices in Vietnam are still rising due to high demand and limited supply. In the two months since the new harvest began, farmers in the Central Highlands have only harvested about 2% of the coffee output.

Experts say that farmers are not facing much financial pressure at present thanks to stable income from other crops such as durian and pepper, so they are not in a hurry to sell their products and continue to wait for coffee prices to increase. In addition, speculators are also “holding on to goods” to push up prices for profit.

Therefore, experts predict that tomorrow December 8, 2024, domestic and world coffee prices will continue to increase strongly.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess

Conflicting Signals

So, there are conflicting signals coming from the price behavior of natural gas. It remains below the lower rising trend channel line, which is bearish, but has retained an area of previously identified support around the 61.8% retracement. And for the prior few days it managed to close just a little above support at the 20-Day line. Natural gas remains on track to close at or above the 20-Day MA today as well. The 20-Day line is currently at 3.08.

Bullish Behavior

There was a bottom tail on Wednesday and there is currently a bottom tail today. Given that they are occurring in a support zone, it shows bullish behavior as the buyers stepped up following intraday weakness. If natural gas ends today in a similar position a second bullish hammer candlestick pattern will be generated. The first was on Wednesday. In summary, natural gas is holding a support zone that could lead to a rally and possibly an eventual challenge to the recent 3.07 trend high.

Strength Shown Above Today’s High of 3.00

If the day ends with a bullish hammer, a rally above today’s high of 3.10 will provide a bullish signal. But natural gas will still be below the lower channel line, and it may continue to act as resistance. Therefore, a bullish reversal will be indicated on a rally above Wednesday’s high of 3.035. Further strength would then be shown on a move above the four-day high at 3.03. It is possible that natural gas could rally yet stay below the trend channel. For the bullish advance to have a better chance of continuing, a daily close will need to eventually be seen above that line.

For a look at all of today’s economic events, check out our economic calendar.

By Charles Kennedy – Dec 06, 2024, 9:30 AM CST

Back to homepage

• Silver rally loses momentum with bulls capped right below the last two weeks’ range top, at $31,45.
• The Dollar has steadied with investors awaiting the release of the US employment report.
• XAG/USD: Above $31.40, the next target is the November 7 high, at $32.15.

Silver (XAG/USD) rally from last week’s lows near $30.00 has been capped at the top of the last two week’s horizontal channel, at 31.15, with investors awaiting the release of November’s US employment data.

The US economy is expected to have created 200,000 new jobs in the month, while the unemployment rate ticked up to 4.2%. This latter data and softer wage inflation are likely to keep hopes of December rate cuts alive.

On Thursday, the weekly jobless claims showed a larger-than-expected increase in the last week of November. This, coupled with below-consensus ADP employment figures seen on Wednesday, has cast some doubt about the NFP reading and increased pressure on the USD.

The technical picture shows the bullish momentum losing steam, with the 4-hour RSI turning down towards the 50 level and bulls capped below the mentioned $31.45. Above here, the next target is the November, 7 high, at 32.15. Supports are $30.90 and $30.45 (Dec 5 and 4 lows respectively)

XAG/USD 4-hour Chart

Coffee price today, date December 5, 2024 on the market world, at 4:30 am updated on the Vietnam Commodity Exchange MXV (world coffee prices are continuously updated by MXV, matching with world exchanges, the only channel in Vietnam that continuously updates and links with world exchanges).

At the end of the trading session, the price of Robusta coffee on the London floor at 4:30 a.m. on December 5, 2024 increased again, increasing from 144 – 161 USD/ton, fluctuating from 4.423 – 4.779 USD/ton. Specifically, the monthly delivery term January 2025 was 4.770 USD/ton (up 144 USD/ton); the monthly delivery term March 2025 was 4.751 USD/ton (up 147 USD/ton); the monthly delivery term May 2025 was 4.702 USD/ton (up 158 USD/ton) and the monthly delivery term July 2025 was 4.638 USD/ton (up 161 USD/ton).

Similarly, the price of Arabica coffee in New York this morning December 5, 2024 rebounded, with green dominating, increasing by 7.15 – 8.20 cents/lb. Specifically, the monthly delivery term March 2025 was 303.70 cents/lb; the monthly delivery term May 2025 was 301.75 cents/lb; the monthly delivery term July 2025 was 297.25 cents/lb and the monthly delivery term September 2025 was 292.20 cents/lb (down 19.70 cents/lb).

At the end of the trading session, on the morning of December 5, 2024, the price of Brazilian Arabica coffee continued to increase and decrease mixedly across delivery terms, ranging from 358.75 – 383.75 USD/ton. Specifically, the monthly delivery term December 2024 was 377.50 USD/ton; the monthly delivery term March 2025 was 379.50 USD/ton; the monthly delivery term May 2025 was 374.95 USD/ton and the monthly delivery term July 2025 was 368.85 USD/ton.

Domestic coffee prices were updated at 4:30 a.m. on December 5, 2024 as follows: Domestic coffee prices continued to decrease, down about 1.000 VND/kg. Currently, the average purchase price in the Central Highlands provinces is at 108.200 VND/kg.

Specifically, the coffee purchase price in the province Gia Lai at 108.000 VND/kg (down 1.000 VND/kg compared to the previous trading session). Coffee purchasing price in the province Dak Nong at about 108.500 VND/kg.

Price of green coffee beans (coffee beans, fresh coffee beans) in the province Lam Dong In districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 107.000 VND/kg.

Coffee price today (date 5/12) in the province Dak LakIn Cu M’gar district, coffee is purchased at 108.000 VND/kg, and in Ea H’leo district, Buon Ho town, it is purchased at 107.900 VND/kg.

On 5/12, domestic coffee prices increased sharply again in the context of recovering world coffee prices; the weakening of the USD has promoted some short-covering activities in the coffee futures market.

In addition, dry weather in Brazil has caused the market to continue to worry about coffee production in the world’s largest coffee exporting country.

In Vietnam, rains are continuing in some areas of the Central Highlands, disrupting farmers’ coffee harvest. This concern has prompted investors to enter the derivatives market with strong buying power.

Adverse weather not only affects harvesting activities but also causes problems in the logistics chain, leading to the possibility that the supply of new crop coffee from Vietnam to the international market will be lower and slower than usual.

According to experts, coffee prices will continue to fluctuate in the coming time. However, concerns about reduced output in coffee-producing countries due to unfavorable weather; interest rate adjustments by the FED, and the delay in the implementation of the EU Deforestation Regulation (EUDR)… mean that in the long term, coffee prices are likely to stabilize and increase again.

• Silver rally loses momentum with bulls capped right below the last two weeks’ range top, at $31,45.
• The Dollar has steadied with investors awaiting the release of the US employment report.
• XAG/USD: Above $31.40, the next target is the November 7 high, at $32.15.

Silver (XAG/USD) rally from last week’s lows near $30.00 has been capped at the top of the last two week’s horizontal channel, at 31.15, with investors awaiting the release of November’s US employment data.

The US economy is expected to have created 200,000 new jobs in the month, while the unemployment rate ticked up to 4.2%. This latter data and softer wage inflation are likely to keep hopes of December rate cuts alive.

On Thursday, the weekly jobless claims showed a larger-than-expected increase in the last week of November. This, coupled with below-consensus ADP employment figures seen on Wednesday, has cast some doubt about the NFP reading and increased pressure on the USD.

The technical picture shows the bullish momentum losing steam, with the 4-hour RSI turning down towards the 50 level and bulls capped below the mentioned $31.45. Above here, the next target is the November, 7 high, at 32.15. Supports are $30.90 and $30.45 (Dec 5 and 4 lows respectively)

XAG/USD 4-hour Chart

• Gold price breaks lower to hit weekly low near $2,615, eyes a second weekly decline.      
• The US Dollar bounces amid a souring mood due to China worries and South Korean political drama.
• Gold price looks south, heading into US Nonfarm Payrolls amid daily bearish RSI and Bear Cross.

Gold’s price extends the previous decline to reach a fresh eight-day low near $2,615 early Friday. Gold traders now look forward to the all-important Nonfarm Payrolls (NFP) data for fresh impetus.

Will US Nonfarm Payrolls exacerbate the pain in Gold price?

In the lead-up to the US NFP showdown, the US Dollar (USD) has found fresh demand amid a slight deterioration in risk sentiment and profit-taking.

Investors’ sentiment sags on lingering political tensions in South Korea as the main opposition Democratic Party announced an impeachment motion against President Yoon Suk Yeol will be put to a vote on Saturday, per Asia News. 

Further, Yonhap carried headlines citing South Korea’s opposition parties saying lawmakers were on standby after receiving many reports for another martial law declaration.

Additionally, persistent worries over China’s economic slowdown and US-Sino trade war undermine the broader market sentiment. Traders are cautious already and resort to repositioning before the US labor data due later in American trading.

Economists expect the US economy to have added 200K jobs in November after creating a meagre 12K jobs in October in the face of hurricanes and the Boeing strike.

If the headline NFP figure comes in below 200K, it would suggest a continued cool down in the US labor market, calling for further rate cuts by the Fed beyond December. The dovish narrative is set to bode well for the non-interest-bearing Gold price at the expense of the USD.

On the other hand, a strong NFP print is likely to strengthen the recent speculation that the Fed could pause its rate-cutting cycle after the expected rate reduction in December. The CME Group’s FedWatch Tool shows that the chances of the Fed lowering rates by 25 basis points (bps) later this month stand at about 70%, slightly down from 75% a day ago.

On Thursday, Gold price snapped its recovery momentum and returned to the red despite the sell-off in the US Dollar and the US Treasury bond yields. The disappointing US weekly Jobless Claims data failed to lift the sentiment around Gold price.

Initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 224,000 for the week ended Nov. 30, the Labor Department said. Markets had forecast 215,000 claims for the latest week.

Gold price technical analysis: Daily chart

The daily chart shows that Gold’s price has broken the recent range to the downside as the 14-day Relative Strength Index (RSI) turns lower below the midline.

Adding credence to the renewed decline in Gold price, the previous week’s Bear Cross continues to act as a headwind.

A daily candlestick closing below the critical short-term 21-day Simple Moving Average (SMA) at $2,631 will likely strengthen the downside.

The next support aligns at the previous week’s low of $2,605, below which the 100-day SMA at $2,583 will be the line in the sand for Gold buyers.

On the flip side, recapturing the 50-day SMA resistance at $2,668 on a sustained basis is critical for buyers to negate the near-term bearish bias.

The next relevant resistance is seen at $2,700, above which the November 25 high of $2,721 will be tested.

Poised to Close Weak

Natural gas is poised to close weak for the day, below the halfway point for the day’s trading range. And that is after a successful test of resistance at the bottom of the internal uptrend line. Along with the 20-Day MA line, the trendline identified dynamic support for the uptrend. The trendline needs to be reclaimed before natural gas has a chance to proceed higher.

Possible Retracement Bottom

Recent price action in natural gas leaves several nearby price levels to key off. There is today’s high of 3.115 and the low of 3.035. Also, the 20-Day MA is at 3.06 and the swing low is at 2.98. Today’s high and the swing low are the more critical price levels as a move through either should determine the next direction. Either natural gas continues to rally in alignment with the larger bullish trend or, the bearish correction is not over until lower price levels are tested as support.

A continuation of the rally is signaled on an advance above today’s high of 3.115. That should confirm a bullish reversal and put natural gas in a position to continue to rise and eventually test recent highs, if not break through them. If today’s high is exceeded, then a reclaim of Tuesday’s high at 3.22 will provide the next sign of strength and therefore points to a continuation higher.

Below 2.98 May Lead Lower

On the downside, the next lower target zone is around the convergence of several price targets. There is the top boundary line of a large symmetrical triangle pattern, an extended downside target for the falling ABCD pattern at 2.90, and the 78.6% Fibonacci retracement at 2.875.

For a look at all of today’s economic events, check out our economic calendar.