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Coffee prices in Vietnam edge up on tight supplies

Coffee prices in Vietnam edge up on tight supplies

Friday, July 15, 2022, 09:26 GMT+7
Coffee prices in Vietnam edge up on tight supplies
A man checks roasted coffee beans at a factory in Hanoi, Vietnam November 22, 2016. Photo: Reuters

Vietnam's domestic coffee prices edged up on Thursday from a week earlier on tight domestic supplies, traders said.

Farmers in the Central Highlands, Vietnam's largest coffee-growing area, sold coffee COFVN-DAK at 44,000-44,500 dong ($1.88-$1.90) per kg, up from a 41,800-42,300 dong range a week earlier.

"Domestic supplies are running low and traders are finding it hard to secure sufficient beans to meet their export contracts," a trader based in the Central Highlands province of Dak Lak said.

A weaker local currency against the U.S. dollar is also encouraging traders to boost their exports, the trader added.

September robusta coffee LRCc2 rose $27, or 1.4%, to $1,981 a tonne.

"Domestic supplies won't improve until November or December this year when the new harvest in Vietnam begins, and I think prices won't ease until then, regardless of international prices," another trader in Dak Lak said.

In Indonesia's Lampung province, one trader offered $90-$100 discount to the September contract for Sumatran robusta beans this week, unchanged from last week.

Another trader offered $150 discount to the September contract this week, compared with a $170 discount last week. The trader said supplies in Bandar Lampung also began to decline.

Vietnam's domestic coffee prices edged up on Thursday from a week earlier on tight domestic supplies, traders said.

Farmers in the Central Highlands, Vietnam's largest coffee-growing area, sold coffee COFVN-DAK at 44,000-44,500 dong ($1.88-$1.90) per kg, up from a 41,800-42,300 dong range a week earlier.

"Domestic supplies are running low and traders are finding it hard to secure sufficient beans to meet their export contracts," a trader based in the Central Highlands province of Dak Lak said.

A weaker local currency against the U.S. dollar is also encouraging traders to boost their exports, the trader added.

September robusta coffee LRCc2 rose $27, or 1.4%, to $1,981 a tonne.

"Domestic supplies won't improve until November or December this year when the new harvest in Vietnam begins, and I think prices won't ease until then, regardless of international prices," another trader in Dak Lak said.

In Indonesia's Lampung province, one trader offered $90-$100 discount to the September contract for Sumatran robusta beans this week, unchanged from last week.

Another trader offered $150 discount to the September contract this week, compared with a $170 discount last week. The trader said supplies in Bandar Lampung also began to decline.

Reuters

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