HANOI/BANDAR LAMPUNG: Vietnam’s domestic coffee prices rose on Thursday, compared with last week, as supplies tightened after farmers refrained from selling the bean in hopes that prices would rise further, traders said.
Farmers in the central highlands, Vietnam’s largest coffee-growing area, were selling beans for 69,700-70,200 dong ($2.86-$2.89) per kg, up from last week’s 63,500-66,000 dong.
“Domestic prices reached a record high this week but trade is not robust as farmers are not selling. Beans are scarce,” said a trader based in the coffee belt.
According to the trader, prior to the harvest, some farmers made deals to sell new beans at 58,000 dong per kg. “Prices have risen significantly since, forcing some to delay deliveries of sealed contracts,” the trader said, adding farmers had finished picking beans and were drying them.
March robusta coffee gained $73 to $2,870 in a week, as of Wednesday’s close. Another trader said the higher price this week was in line with the increase in the London terminal due to the disruption of shipping via the Suez Canal.
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