HANOI/BANDAR LAMPUNG: Vietnam coffee prices edged up slightly amid sluggish trade ahead of the new harvest that commences in October, while prices remained steady in Indonesia on thin supplies, traders said on Thursday.
Farmers in the central highlands, Vietnam’s largest coffee-growing area, sold beans for 65,300-66,500 dong ($2.70-$2.75), up from 65,000-66,000 dong range a week ago.
“Market is dull as no beans left for sales while new beans have yet arrived,” a trader based in the region said. “Rains have been recorded in some parts of the Central Highlands but don’t harm the trees at this point.”
November robusta coffee settled up $49 or 2%, at $2,479, as of Wednesday’s close. Vietnam’s coffee exports in the first eight months of 2023 stood at 1.2 million metric tons, a fall of 5.4% from the same period of last year, customs data showed. Coffee export revenue for the period reached $2.9 billion, up 3.1% against the January-August period of 2022.
Indonesia’s Sumatra robusta coffee beans were offered at $500 premium to the November contract this week, unchanged from last week, one trader said adding the prices were stable. Another trader said this week’s prices were 20 points lower, at $500 premium this week to the October contract amid higher London price in the last two days.
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