HANOI: Robusta coffee prices in Vietnam rose this week as forecasts of heavy rains in the Central Highlands raised concerns about potential crop damage, although trading activity remained subdued, traders said on Thursday.
Farmers in the Central Highlands, Vietnam’s coffee belt, sold beans at 94,000 dong to 95,000 dong (USD3.63 to USD3.67) per kg, up from last week’s 91,200 dong to 92,000 dong range. “Some farmers in lower-lying areas of Lam Dong province, where sunshine has been sufficient, said they may start picking cherries as early as next month,” said a trader in the coffee belt.
“But supplies will only arrive in significant volumes in November and December,” the trader added. Another trader said prices were supported this week by forecasts of heavy rains in the Central Highlands that could trigger flooding in coffee-growing areas. “Although prices inch up, there are virtually no trades,” the second trader said. November robusta coffee futures settled down USD26 at USD3,446 a metric ton on Wednesday, though traders said market activity had largely shifted to the January contract. In Indonesia, Sumatran robusta beans were offered at a premium of USD300 to the November contract, unchanged from a week earlier, one trader said. Another trader quoted beans at a premium of USD200 to the October contract.
Farmers in Lampung said crop development remained sluggish due to a lack of rainfall.
Comments