Friday , March 1 2024

Asia Coffee-Vietnam prices flat on slow trade at end of crop season

Vietnam’s domestic coffee prices stayed unchanged on Thursday from a week earlier, with trading activities expected to remain subdued until the next harvest season in October, traders said.

Farmers in the Central Highlands, Vietnam’s largest coffee-growing area, sold beans COFVN-DAK at VND47,000-48,200 ($2.00-$2.05) per kilograms.

“Both farmers and traders are looking forward to new crop season. No beans left for trading now,” said a trader based in the Central Highlands.

Another trader, based in the coffee belt, said domestic prices were not affected much by U.S. inflation report this week.

“Appetite for the bitter taste of robusta beans is rising, while supplies from Vietnam are running low,” the trader said.

“However, as traders are waiting for new beans from new harvest, demand is not high. It’s very likely that London prices will decrease to $2,200 per tonne.”

November robusta futures on ICE LRCc2 settled down $9, or 0.4%, at $2,230 per tonne on Wednesday.

Indonesia’s Sumatran robusta coffee beans were offered at a $140 discount to the November contract, unchanged from last week, a trader based in Lampung province said.

Beans were quoted at a $50-$60 discount range to the November contract, compared with $70-$80 discount a week ago, according to another trader in the same region.

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