HANOI/BANDAR LAMPUNG: Vietnam's domestic coffee prices dropped for the second week on weak global cues, while Indonesia's premiums stayed firm as some farmers held their beans stocks instead of selling them, traders said on Thursday.
Farmers in the Central Highlands, Vietnam's largest coffee-growing area, sold coffee at 31,500-32,000 dong ($1.36-$1.38), lower than last week's 33,500 dong. The London November futures contract closed at $1,331 on Wednesday, down from $1,349 a week earlier, Refinitiv Eikon data showed.
The 2021/21 harvest has officially begun in Vietnam but traders said bean supplies would not come until mid-November. "Farmers will start picking beans later this month and new beans will come in bulk by the end of November," said a trader based in the coffee belt, adding that there was no change in supply, while demand and trading remained thin.
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