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HANOI: Vietnam’s domestic coffee prices edged up on Thursday from a week earlier on a supplies crunch while in Indonesia premiums extended gains due to poor output from the current harvest.

Farmers in Vietnam sold beans at 55,200 dong to 57,500 dong ($2.35 to $2.45) per kilogram, higher than last week’s 53,200 dong-54,200 dong range. July robusta coffee gained $101 over the past week, settling at $2,582 as of Wednesday’s close, the highest level in 12 years, Refinitiv Eikon data showed.

Some traders said Wednesday’s close even hit a 16-year high. “It’s very hard to buy beans in Asia now to fulfil signed contracts. Prices are too high, together with that, supplies are limited,” said an exporter based in Ho Chi Minh City.

Export prices flipped to premiums this week due to subdued activities and empty stocks, according to traders.

Traders in Vietnam offered 5% black and broken-grade 2 robusta at a premium of $150-$160 per tonne to the July contract. Indonesia’s Sumatra robusta coffee beans were offered at a $140 premium to the July contract, compared with last week’s $60 premium.

“Prices rose from last week because beans supply was limited due to small harvests,” said a trader based in the region. “Some areas have started harvesting but yields are not large.”

Another trader offered a $170 to $200 premium range to the July-August contract, compared with last week’s $100 premium to the May-June contract. “Limited supplies caused exporters to fight for beans and pushed local prices to rise more than global prices,” the second trader said.

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