Tsaid the weather until now remained supportive for the trees but trade was quiet.
| Photo Credit: The Hindu
Coffee markets in major robusta producers in Asia stayed lacklustre, with local prices falling this week ahead of the new harvest in Vietnam, while buyers had already stocked up in Indonesia, traders said on Thursday (September 26, 2024).
Farmers in the Central Highlands, Vietnam’s largest coffee-growing area, sold beans <COFVN-DAK> for 120,000-120,800 dong ($4.87-$4.91) per kg, down from last week’s 123,000-123,400 dong range.
Traders said the weather until now remained supportive for the trees but trade was quiet.
“Some traders have started to seek for beans but in a very cautious manner as some have been still facing financial issues since late last year when the prices started to skyrocket, while others are unsure about weather condition in the upcoming days,” a trader who is based in the coffee belt said.
The Mercantile Exchange of Vietnam (MXV) said some coffee-growing areas had begun to harvest early ripe beans and offered them at 120,000 dong per kg.
“It is expected the prices of the new crop season would remain high as output decreases and demand from the main market, Europe, improves,” it said in a note earlier this week.
Robusta coffee for November delivery settled down$160, or 3%, at $5,152 per metric tonne, as of Wednesday’s close.
Traders offered 5% black and broken-grade 2 robusta <COFVN-G25-SAI> at a discount range of $200-$250 per tonne to the January contract.
Published – September 27, 2024 10:32 am IST
