LAMPUNG: Coffee trading remained subdued in Vietnam though supply was steady as favourable weather supported cherry picking and drying, while Indonesian markets were quiet due to low stocks, traders said on Thursday.
Farmers in the Central Highlands, Vietnam's coffee-growing capital, sold coffee kg, up from 31,500-32,000 dong last week, and tracking higher London prices.
March robusta coffee settled up $6, or 0.44%, at $1,378 per tonne on Wednesday.
"Weather is supporting the current harvest, ensuring supply, but falling prices discouraged farmers and exporters from selling, while buyers were also not keen," said a trader based in Vietnam's coffee belt region of Central Highlands. "Beans harvesting is slower this year but they will come in bulk in January."
Traders in Vietnam offered 5% lack and broken grade 2 robusta at $95-$110 premiums per tonne to the March contract on Thursday, compared with the $110-$120 premium range last week.
Vietnam's coffee exports in November fell 8.4% from October to 83,730 tonnes, official data showed.
Rabobank on Monday expected Vietnam's production in 2021/22 to increase by 5% to 30.3 million bags of 60 kg each.
Comments
Comments are closed.