HANOI: Vietnam’s weekly domestic coffee prices stayed unchanged amid quiet trading activity, while the Indonesian market is expected to stay muted until March, traders said on Thursday.
Farmers in the Central Highlands, Vietnam’s coffee-growing capital, sold coffee at 31,200-32,000 dong ($1.35-$1.39) per kg, unchanged from last week.
March robusta coffee settled down $8, or 1%, at $1,340 per tonne on Wednesday.
“Trading is still thin because of low demand and supply. Farmers released beans bit by bit as prices are currently under their selling target of 34,000 dong per kg,” said a trader based in the coffee belt, adding that the beans from the new crop were of very good quality. Another trader from the same region said only farmers who were in need of cash sold at market rates, while others preferred to wait until after Tet holidays.
Traders in Vietnam offered 5% black and broken grade 2 robusta at premiums of $80-$90 to the March contract, down from last week’s $100-$110.