Asia Coffee-Prices dip in Indonesia on supply; Vietnam firms
Friday, April 14,2017AsemconnectVietnam - Coffee prices in Indonesia eased on ample supply while bean prices in Vietnam edged up in thin trade, traders said on Thursday.
Robusta grade 4, 80 defects COFID-G4-USD in Indonesia's main coffee-growing island of Sumatra were traded at discounts of $35-$50 to London's ICE May contract LRCK7, traders said. That compared to discounts of $30-$40 last week.
A steady stream of new coffee beans continued to come in to the market this week, traders said, adding they expected the supply to extend to next week.
In Vietnam, the world's largest grower of robusta beans, traders quoted the 5-percent black and broken grade 2 robusta COFVN-G25-SAI at a discount of $20-$30 to the London ICE July contract LRCN7, compared with discounts of $25-$40 last week.
"There's no mention of drought this year ... rain during the current watering season is quite good," said Phan Hung Anh, deputy director of Anh Minh Co, a coffee trading firm based in Daklak, Vietnam's largest coffee-growing province.
Local prices quoted by farmers on Wednesday stood at 47,000 dong ($2.08) per kg in Daklak province COFVN-DAK, compared with a range of 46,500-47,400 dong a week earlier, traders said.
Vietnam exported 168,000 tonnes (2.8 million 60-kg bags) of coffee in March, up 14.8 percent from a month earlier, slightly above market expectation, while traders forecast coffee shipments this month would reach 100,000-130,000 tonnes.
($1 = 22,645 dong)
($1 = 22,645 dong)
Source: Reuters.com
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