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Vietnam domestic coffee prices rebound; May exports seen falling

Friday, May 17, 2019, 09:12 GMT+7
Vietnam domestic coffee prices rebound; May exports seen falling
Roasted coffee beans are displayed at an exhibition in Hanoi, Vietnam December 10, 2015. Photo: Reuters

Vietnam’s domestic coffee prices have partially rebounded after hitting the lowest level in six years last week, while shipments from the country are forecast to significantly fall this month.

Farmers in the Central Highlands, Vietnam’s largest coffee growing area, sold coffee at 31,000-31,700 dong ($1.33-$1.36) per kg on Thursday, up from 29,000-29,800 dong last week.

“Domestic prices rose from last week following a recovery in global prices, but the rise is curbed by concerns about the trade war between the United States and China and on ample supplies from Brazil,” a trader based in the Central Highlands said.

July robusta coffee fell $17, or 1.2%, to $1,375 per tonne on Wednesday, but it remained higher than $1,290 seen a week earlier.

“Speculators have also run away from the market amid uncertainty in the global trade picture,” the trader added.

Traders forecast coffee shipments from Vietnam in May are expected to fall to around 80,000-100,000 tonnes, from 143,296 tonnes in the previous month.

Meanwhile, rains have started in the Central Highlands, easing drought concerns in the area where new green coffee beans are cultivated.

Traders in Vietnam offered 5% black and broken grade 2 robusta at a $45 per tonne discount to the July contract, but flat from last week.

In Indonesia, premiums for the grade 4 defect 80 robusta July contract rose to $300 on Thursday, from $200-$240 a week ago, according to a trader based in Lampung.

“Demand is quite high, while supply is thin as the harvest is not in full swing yet,” the trader said, adding that the harvest would not peak until around July. 

Reuters

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