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Markets

Asia Coffee-Vietnam prices track London prices lower

  • Meanwhile, data released by local trade office earlier this week showed that in February, Lampung province exported 2,675 tonnes of robusta beans, down 83% from a year earlier.
04 Mar 2021

HANOI: Vietnamese coffee prices fell this week, tracking subdued London prices, while trade in Indonesia was quiet as market participants waited for upcoming mini harvest, traders said on Thursday.

Farmers in the Central Highlands, Vietnam's coffee-growing capital, sold coffee at 31,800-32,300 dong ($1.38-$1.40) per kg, down from 33,500-34,000 dong last week.

May robusta coffee had shed 2.5%, or $37 over the past week as of Wednesday's close after having reached its one-year peak.

"Farmers are holding onto beans as prices are too low. They don't want to sell," a Ho Chi Minh-based trader said.

"The market is less bustle as both sellers and buyers want to wait and see."

Traders in Vietnam offered 5% black and broken grade 2 robusta at premiums of $40-$50 to the May contract, down from $60 premium last week.

Vietnam's coffee exports in the first two months of the year likely fell 18.5% from a year earlier to 271,000 tonnes, while export revenue in the period was expected to decrease 15.8% to $473 million, official data showed.

Meanwhile, data released by local trade office earlier this week showed that in February, Lampung province exported 2,675 tonnes of robusta beans, down 83% from a year earlier.

Traders in Indonesia's Lampung province said they were offering robusta beans with premiums of $220-$230 to the April contract and $200 to the May contract, unchanged from last week, as trade remain limited due to lack of new beans.

Farmers in West Lampung area are expecting a mini harvest in March as weather conditions were conducive for the crop, while the main harvest was expected to fall around June or July, a trader said.