By Mai Nguyen and Mas Alina Arifin
HANOI/BANDAR LAMPUNG, Sept 20 (Reuters) – Coffee demand picked up slightly in Vietnam this week as buyers switched destination, after supplies dropped in Asian rival Indonesia at the end of harvest, traders said on Thursday.
Exporters offered Vietnam’s 5-percent black and broken grade 2 robusta COFVN-G25-SAI at a $30-$40 discount to London’s November contract LRCX8 , compared with a $50 discount a week ago, traders said.
“There is demand, but they can’t buy too much… Farmers still think this price level is too low and don’t want to sell,” said independent analyst Nguyen Quang Binh based in Ho Chi Minh City.
Farmers in the Central Highlands, Vietnam’s largest coffee growing area, offered coffee at 32,000-32,500 dong ($1.37-$1.39) per kg COFVN-DAK , the lowest level since March 2016, tracking global markets that have been hit by a record crop and weak currency in top-grower Brazil. in Indonesia, the coffee market slowed down after the country’s main harvest ended this month.
Premiums for the grade 4 defect 80 robusta COFID-G4-USD in the province of Lampung were at $50-$70 a tonne, tightening from $50-$80 last week, as demand weakened and supply diminished, traders said.
“Not many exporters are selling this week because harvest has ended and (there is) not much left in stock,” an exporter said, adding that transactions this week are only to fulfil existing contracts.
Some offshore buyers have moved to Brazil and Vietnam where harvests are starting in October, the exporter said. ($1 = 23,320 dong)
Nguồn: Reuters 20 Sp 2018
Hits: 125
