Vietnam domestic prices fall further, Indonesian premium widens
Thursday, November 22,2018
AsemconnectVietnam - Vietnam's domestic coffee prices fell further tracking lower international prices and on rising supplies from an ongoing harvest, while Indonesian premiums widened due to depleted stocks.
Farmers in the Central Highlands, Vietnam's largest coffee growing area, sold coffee at 35,300 dong ($1.51) per kg COFVN-DAK, down from 36,200-36,300 dong a week earlier, traders said.
The London January futures contract LRCF9 closed at $1,615 on Wednesday, down from $1,663 a week earlier, Refinitiv Eikon data showed.
"Farmers are still making little profit at this price, but if prices fall further, they will consider slowing down sales," a trader based in Dak Lak province said.
Traders estimate that farmers have harvested nearly 40 percent of the beans and the harvest will end late-December.
"Output of the 2018-19 crop year is estimated at 30 million 60-kg bags, similar to the previous crop year," the trader said. This is higher than an earlier forecast of 27 million bags.
CoffeeNetwork analyst Andrea Thompson said on Wednesday that there would be a global surplus for the season of around 11 million bags, putting Vietnam's forecast at 31 million bags.
Traders in Vietnam offered the 5 percent black and broken grade 2 robusta COFVN-G25-SAI at a $45-$65 discount per tonne to the January contract, narrowing from $70 last week.
In Indonesia, premiums for robusta beans in the province of Lampung in Sumatra rose to $50 for theJanuary contract due to depleting stocks, from $30 last week, according to an exporter.
"Trades remain light as local inventories of robusta beans continue to fall after the harvest," the trader said.
Source: Reuters
National CPI increases 0.88% in August
DAILY: Vietnamese coffee prices increased by 100 VND on August 29
Reference exchange rate up 21 VND on August 29
Vietnam seafood market update: Tuna exports narrow the decline
Vietnam rice market update: Exported rice highest in the world
Vietnam steel market update: Prices hit 3-year low
Vietnam’s trade exchange with Asia reached 242 billion USD
Fruit and vegetable exports to China increased by 128.5%
Prices of Vietnam’s exported rice highest in the world
Vietnam’s FDI inflows top 18 billion USD in 8 months
DAILY: Vietnamese pepper prices remained unchanged on August 28
DAILY: Vietnamese coffee prices remained unchanged on August 28
Vietnam imported 6.13 million tonnes of petroleum in 7 months
Vietnamese exporters shift toward e-commerce
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 ...
