HANOI: Vietnam’s domestic coffee prices edged up from a week earlier, tracking gains in Robusta futures on ICE, traders said on Thursday, while farmers in Indonesia expected the harvest to peak from late July.
Farmers in the Central Highlands, Vietnam’s coffee belt, sold beans at 89,400 dong to 89,600 dong (USD3.40 to USD3.41) per kg, compared with last week’s 84,800 dong to 85,300 dong range.
“Farmers are releasing more beans at these prices as they are around the level they expected,” said a trader based in the coffee belt. “They need cash for pesticides and fertilisers.”
Robusta coffee for September delivery has gained USD227 in a week, settling USD24 higher, at USD3,622 a ton, on Wednesday.
Traders offered 5 percent black and broken-grade 2 robusta at a discount range of USD120 to USD150 per ton to the September LIFFE contract.
In Indonesia, Sumatra robusta beans were offered at a USD60 premium to the September contract, a trader said, down from a USD150 premium a week ago.