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Asia Coffee-Vietnam supply steady but trade subdued, Indonesia quiet

Asia Coffee-Vietnam supply steady but trade subdued, Indonesia quiet

Thursday, December 17, 2020, 16:12 GMT+7
Asia Coffee-Vietnam supply steady but trade subdued, Indonesia quiet
Roasted coffee beans are seen at the coffee company of Simexco Dak Lak Limited in the town of Di An in Binh Duong province, Vietnam July 8, 2019. Picture taken July 8, 2019. Photo: Reuters

HANOI/BANDAR LAMPUNG, Indonesia -- Coffee trading remained subdued in Vietnam though supply was steady as favourable weather supported cherry picking and drying, while Indonesian markets were quiet due to low stocks, traders said on Thursday.

Farmers in the Central Highlands, Vietnam's coffee-growing capital, sold coffee COFVN-DAK at VND33,000-33,400 ($1.43-$1.45) per kg, up from VND31,500-32,000 last week, and tracking higher London prices.

March robusta coffee settled up $6, or 0.44%, at $1,378 per metric ton on Wednesday.

“Weather is supporting the current harvest, ensuring supply, but falling prices discouraged farmers and exporters from selling, while buyers were also not keen,” said a trader based in Vietnam’s coffee belt region of Central Highlands.

“Beans harvesting is slower this year but they will come in bulk in January.”

Traders in Vietnam offered 5% black and broken grade 2 robusta COFVN-G25-SAI at $95-$110 premiums per metric ton to the March contract on Thursday, compared with the $110-$120 premium range last week.

Vietnam’s coffee exports in November fell 8.4% from October to 83,730 metric tons, official data showed.

Rabobank on Monday expected Vietnam’s production in 2021/22 to increase by 5% to 30.3 million bags of 60 kg each.

In Indonesia, Sumatra robusta beans were offered at a $230 premium to the March contract and a $270 premium to the April contract, traders in Lampung province said, both unchanged from last week.

Trade remained limited as supply from the previous harvest diminished.

“Coffee trading is still very quiet because there’s barely anymore supply from farmers,” one of the traders said.

$1 = VND23,128

Reuters

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