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Sunday, February 25, 2024

Coffee trading thin in Vietnam

HANOI/BANDAR LAMPUNG: Coffee trading in Vietnam continued on a sluggish note this week as stockpiles were empty and as supply from the new season is not available until next month, traders said on Thursday.

Farmers in the Central Highlands, Vietnam’s largest coffee-growing area, sold beans at 46,600-47,000 dong($1.95-$1.97) per kilogram, down from last week’s 46,400 dong-47,400 dong range. “Trade, supply and demand are all dull at the moment,” said a trader based in the coffee belt.

“Price for upcoming harvest has yet been set. It depends on the weather next month although the current condition is favourable for the trees.” Another trader also based in the same region said harvest season is expected to commence by end-November with output seen around 30 million 60-kg bags.

January robusta futures on ICE settled up $4 at $2,160 per tonne on Wednesday.

Prices of coffee beans in Indonesia’s Lampung province stayed unchanged from last week. One trader offered $80-$90 discount to the November contract, while another trader offered a discount range of $30-$40 to the same contract.

“Supply is decreasing as main harvest have ended,” one trader said. “Traders are competing with each other for beans despite rising prices.” Indonesia exported 35,952.5 tonnes of Sumatran robusta coffee beans in August, data from a local trade office showed on Friday, more than double shipments in the same month last year.

Coffee trading thin in Vietnam

Source: Brecorder

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