Vietnam's Domestic Coffee Prices Rebound Amid Global Factors While Robusta Supply Shortage Emerges
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According to Reuters, domestic coffee prices in Vietnam saw a slight increase on Thursday (February 25th) due to rising global coffee prices and limited supply. Meanwhile, local farmers are reluctant to sell coffee beans, leading to expectations of further price increases in the Robusta market.
Farmers in Vietnam's main coffee-growing region, the Central Highlands, sold coffee at 32,300 Vietnamese dong ($1.40) per kilogram, higher than the pre-Lunar New Year price of 31,200 to 31,700 Vietnamese dong ($1.35 to $1.39) per kilogram.
According to data from local coffee traders' associations, Robusta coffee reached $1,463 per ton on Wednesday, the highest level in a year. One trader stated: "With global coffee prices soaring, Vietnamese coffee prices will continue to rise slightly this week. Farmers no longer face the pressure of selling coffee beans at low prices to cash in for the New Year, and they now hope prices will rise further before selling, resulting in very tight supply." Local farmers have sold 40%-50% of Vietnam's Robusta coffee from the new 2020/21 production season.
Vietnamese traders offered 5% black and broken grade 2 Robusta at a premium of $90 to $100 to the May futures contract, unchanged from the week before the holiday. Vietnam Customs data shows that Vietnam exported 160,615 tons of coffee in January, a 10.2% increase year-on-year.
According to a local trader: in Indonesia's Lampung province, a trader quoted a premium of $220 to the April futures contract, down from $270 to $280 last week. He also stated: "Since the London benchmark price rose, the premium has been adjusted downward. Even so, it's difficult to export because inventory is too low."
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