HANOI: Vietnam’s domestic coffee prices fell further from a week earlier on Thursday amid sluggish trading, while rising beans stockpiles in Indonesia pushed premiums higher against last week, traders said.
Farmers in the Central Highlands, Vietnam’s largest coffee-growing region, sold beans at 111,500-112,000 dong ($4.29-$4.30) per kg, down from last week’s 113,500-114,000 dong range. Vietnam is bracing for a tropical storm that may cause heavy rains in the coffee-growing area from Thursday.
“Rain at this point is not so worrisome, but we still have to keep an eye out,” said a trader based in the coffee-growing area, adding activities were tepid. Some farmers still held beans, but with the current prices, “it is very unlikely that they would release beans at the moment”, another trader said.
Vietnam exported 813,000 metric tons of coffee in the January-May period, down 1.8% year-on-year, government data showed. Export revenues for the same period rose 62.3% to $4.7 billion, with May exports at 148,000 tons, a 59% annual rise.
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