Asia Coffee-Vietnam's discounts expand, Indonesia's premiums tighten as London prices rise
Thursday, May 3,2018AsemconnectVietnam - A jump in London's coffee prices extended discounts for Vietnam coffee amid weak demand and tightened Indonesia premiums during an ongoing mini harvest, traders said on Thursday.
Premiums for Indonesia's grade 4 defect 80 robusta COFID-G4-USD retreated to $70-$80 a tonne to London's July contract LRCN8 from a $110-$120 premium range a week earlier, traders said.
London's July contract jumped to as high as $1,845 a tonne on Tuesday, the highest intra-day level since Nov. 17, 2017, while the U.S. dollar also strengthened compared to the Indonesia rupiah IDR=, Thomson Reuters data showed.
A few areas in Lampung province, a major robusta producing region in Sumatra island, are still supplying traders with beans from a mini harvest while demand is normal, an Indonesian-bsed trader said.
Indonesia's exports of Sumatran robusta beans from Lampung fell 65 percent in April on a year earlier to 4,011 tonnes, local government data showed on Wednesday, extending a decline in year-on-year exports to an eighth consecutive month.
The country's main harvest is expected around June or July.
Meanwhile in Vietnam, the worlds' second biggest coffee producer after Brazil, the discount for 5 percent black and broken grade 2 robusta COFVN-G25-SAI grew to $100 a tonne from $60-$90 a week ago, traders said.
"Demand is slow as London's future market is inverted ... but the recent spike in the London price has prompted farmers to release more beans," said a Ho Chi Minh-city based trader.
Farmers in Daklak province, Vietnam's main coffee growing region, sold beans at 37,000-37,600 dong ($1.63-$1.65) per kg COFVN-DAK, up from 36,500-36,800 dong last week, traders said.
The Vietnamese government estimated coffee exports reached 160,000 tonnes in April, bringing total exports of the beans to 689,000 tonnes in the first four months of 2018, or a 17.7 percent increase from a year ago.
Source: Reuters.com
FDI sector posts over 14 billion USD in four-month trade surplus
Reference exchange rate up 6 VND
Vietnam - US trade exchange declined in four months
China was still important market for Vietnamese goods
Tea exports earn 50 mln USD in first four months of 2023
Exploring new markets expected to fuel foreign trade
Reference exchange rate up 4 VND on May 17
Vietnam steel update: Exports increase in Apr m-o-m
DAILY: Vietnamese pepper prices remained unchanged on May 16
DAILY: Vietnamese coffee prices rose by 500 VND due to lack of domestic supply on May 16
Exports to Netherlands reached 2.36 billion USD in first 4 months of 2023
Exports to UK reached 1.8 billion USD in first 4 months of 2023
Southern economic locomotive selective in FDI attraction
Ample room remains for Vietnamese exports to Africa
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 ...