Vietnam's domestic coffee prices eased as London futures fell, prompting farmers to hold onto beans amid low stockpiles after the Lunar New Year holiday, traders said on Tuesday. Coffee prices in Daklak, Vietnam's largest growing province, decreased to 45,700-46,500 dong ($2.02-$2.06) per kg, from 47,600 dong last Thursday, reflecting a fall in the London's ICE May contract.
"Prices have dropped surprisingly after Tet while there's only some few beans left as farmers have sold most beans before the holiday," said Phan Hung Anh, deputy director of Daklak-based Anh Minh Co. Tet, the Lunar New Year, is Vietnam's biggest festival and lasted from January 26 to February 1 this year.