Asia Coffee-Vietnam prices fall as drought continues; supplies build up in Indonesia
Saturday, March 16,2019AsemconnectVietnam - Vietnam coffee prices fell this week amid weakness in global robusta, as local farmers continued to face water shortage, while Indonesia witnessed supply build up and muted trade.
Drought has hit 300 hectares of crops, mostly coffee trees, in Dak Lak province in the Central Highlands, Vietnam's largest coffee growing area, local officials said.
"The situation of drought is forecast to get worse towards the end of March and early April," Mai Trong Dung, head of the province's agriculture department, told local media.
Farmers in the Central Highlands sold coffee at 31,900- 33,700 dong ($1.38-$1.45) per kg COFVN-DAK on Friday, down from a range of 33,700-34,000 dong last week.
Traders in Vietnam are complaining they are making losses on fixed contracts as prices have been falling over the past week, and they are also having a hard time securing the beans as farmers refrain from selling due to low domestic prices.
Traders in Vietnam offered 5 percent black and broken grade 2 robusta COFVN-G25-SAI at a $50 per tonne discount to the May contract, compared with $50-$70 last week.
Meanwhile in Indonesia, supplies have started to build up amid a mini harvest but demand remained muted this week.
"Demand is a bit muted but supply has started to come in, but its not much yet," a trader said, adding that local buyers remained dominant this week.
Indonesia's main robusta coffee harvest usually falls around mid year in southern Sumatra.
Indonesia's premium for the grade 4 defect 80 robusta COFID-G4-USD was steady on last week at $70-$80 to the May contract on Thursday, a trader in Lampung said.
Another traders in the province said premiums were $169-$170.
Meanwhile, May robusta coffee .LRCc2 settled down $28, or 1.8 percent, at $1,490 per tonne.
Source: Reuters.com
Vietnamese textile industry update: US$3.06 billion in export revenue
Vietnam remains leading destination for foreign investment inflows: experts
Vietnamese cashew industry update: US$1 billion importing cashew nuts over four months
Trade balance surplus reached USD7.56 billion for the Jan-April period
Vietnam fruit market update: Lychee harvest in Central Highlands a success
DAILY: Vietnamese pepper prices fell by 500 VND on May 26
DAILY: Vietnamese coffee prices fell by 500 VND on May 26
MPI builds new investment incentives to match global minimum tax rule
ASEAN remains important export market of Vietnam
Wood companies seek orders through fairs amid declining export
Imports of animal feed reached nearly 1.54 billion USD in first 4 months of 2023
Petroleum export markets in first 4 months of 2023
Vietnam business news on May 25/2023
Vietnam Rice update: Broken rice ranks second among top 100 most tasty rice dishes in Asia by TasteAtlas
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...