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Coffee price edges up as supply falls
The price of Robusta coffee in the Central Highlands provinces rose by VND500 per kilogramme to more than VND50,000 last Friday.
The VND500 hike – or US$25 per tonne – was much lower than in the London terminal market, coffee buyers in HCM City said.
Exporters in Dak Lak Province offered Robusta grade 1 with 0.2 per cent foreign matter, one of the top qualities in Viet Nam, at $70 per tonne above the London terminal market.
HCM City-based exporters said the FOB price of grade 2 with 5 per cent black and broken and 1 per cent foreign matter was around $50 per tonne below the terminal market, $20-30 higher than last week.
Based on the closing price of the London terminal market last Thursday, the FOB price for grade 2 with 5 per cent black and broken was around $2,460 per tonne.
Central Highlands farmers were reluctant to sell due to tightened stocks.
Local sellers said there were not many buyers in the market, only some players with short positions in physical coffee.
Farmers said the coming harvest, which will start in October 2011 and last until September 2012, should be good due to good rains.
Traders and exporters estimate output to be above 1.1 million tonnes. Farmers also expect output to be a bit higher due to the higher productivity.
vietnamnews
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