HANOI: Vietnam’s coffee market was subdued on Thursday on lower supplies as torrential rains over the past week delayed cherry picking and processing, while traders started to offer premiums in Indonesia.
In the Central Highlands, farmers sold beans at 110,500 dong to 111,500 dong (USD4.19 to USD4.23) per kg, down from last week’s 111,500 dong to 113,500 dong range.
Robusta coffee for March delivery settled down USD37, or 1percent, at USD4,377 a metric ton on Wednesday. Global prices have fallen by USD129 since the start of the week.
Traders attributed the decline to the Trump administration’s decision to remove 40 percent tariffs on Brazilian coffee imports. “Concerns over Vietnam’s delayed harvest and potential rains from an approaching storm kept prices from falling further,” said a trader in the coffee belt, adding the cherry-picking process in the Central Highlands is accelerating.”
Vietnamese authorities have warned of rains from Storm Koto forecast to hit the country’s central region early next week.
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