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Asia Coffee-Vietnam market tepid ahead of new crop season, low supplies in Indonesia

Asia Coffee-Vietnam market tepid ahead of new crop season, low supplies in Indonesia

Thursday, September 22, 2022, 16:08 GMT+7
Asia Coffee-Vietnam market tepid ahead of new crop season, low supplies in Indonesia
A man checks roasted coffee beans at a factory in Hanoi, Vietnam November 22, 2016. Photo: Reuters

Coffee trading remained subdued in Vietnam this week due to a lack of beans, with traders awaiting the new crop season that starts next month, while supplies begun to dwindle in Indonesia at the end of harvest there.

Farmers in the Central Highlands, Vietnam's largest coffee-growing area, sold beans COFVN-DAK at 46,900-47,200 dong($1.98-$1.99) per kilograms, down from last week's 47,000-48,200 dong range.

"Trade is muted now as everyone is waiting for new beans," said an exporter based in Ho Chi Minh City.

"We are assessing the current situation ahead of the harvest amid stronger dollar, raising freight rates, higher production costs."

Traders in Vietnam offered 5% black and broken-grade 2 robusta COFVN-G25-SAI at a discount range of $200-$250 per tonne to the November contract.

Another trader said coffee growing area was bracing for more rains but rains at the time helped pick off weak cherries from the cherry before the harvest.

November robusta futures on ICE LRCc2 settled down $10, or 0.4%, at $2,226 per tonne on Wednesday.

In Indonesia's Lampung province, discounts for Sumatran robusta beans were unchanged this week, local traders said.

One trader offered $140 discount to the November contract, while another offered $50-$60 discount to the October and November contracts.

"Volume of beans has started to come down as harvest has ended, while local buyers are still trying to buy more beans," one of the traders said.

Reuters

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