Vietnamese coffee prices jump to record high

Vietnam's domestic coffee prices jumped to a record peak, following London futures higher, while the market slowed as farmers held off from sales in expectation of better prices, traders said on Tuesday. Coffee prices in Daklak, the country's largest robusta-growing province, climbed to a record 46,300-46,500 dong ($2.05-$2.06) per kg on Tuesday, from 45,000-45,500 dong a week ago.
"Farmers are not too eager to sell as they expect prices to climb further," said independent analyst Nguyen Quang Binh, adding that foreign importers are also reluctant to buy on concerns over fluctuating prices ahead of Tet holidays. Tet, the Lunar New Year, is Vietnam's biggest festival and lasts from January 26 to February 1 this year.