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Wednesday, February 28, 2024

Vietnam domestic coffee prices down on global cues

HANOI: Domestic coffee prices eased in Vietnam, tracking a drop in the London market amid thin trade and near empty supplies, while trade was muted in Indonesia due to a holiday, traders said on Thursday.

Farmers in the central highlands, Vietnam’s largest coffee-growing area, sold beans in the range of 64,900-66,600 dong ($2.72-$2.79) per kg, down from last week’s 66,100-68,000 dong.

November robusta coffee shed $165 in a week to $2,378 as of Wednesday’s close, reaching the lowest level since April 18, Refinitiv data showed. “The prices were down following a drop in the global market and positive exports results from Brazil,” said a trader.

“Some traders have started to quote prices for spot contracts in November, December, however, the weather is still a factor that we have to keep an eye on as storm season is coming and there may record other unusual weather events this year.”

Vietnam is expected to produce 29.6 million 60kg bags of coffee from the 2023/24 crop, Reuters poll’s median forecast showed, slightly below the previous season. The US Department of Agriculture has put Vietnam’s 2022/23 crop at 29.75 million bags.

Vietnam domestic coffee prices down on global cues

Source: Brecorder

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