(10-8-2017) Asian coffee exporting nations saw slow trade as exporters in Vietnam were reluctant to sell beans at the end of the crop season and prices in Indonesia remained little changed.
Demand was sluggish and few deals were struck with importers mostly away on holiday, Vietnamese traders said on Thursday.
“Some trades were made but not as much as last year. The amounts of coffee sold were also low because they were selling just to inspect the market,” Nguyen Quang Binh in HCMC told Reuters.
Importers had enough stock at the moment, he said.
Vietnamese coffee farmers are enjoying favourable weather across the region for the upcoming crop starting in October.
Vietnam, the world’s biggest robusta producer, exported 110,000 tonnes of coffee in July, bringing exports in the first seven months to 941,000 tonnes, government data showed.
The price range for local coffee in Vietnam widened to 45,500 dong-46,100 dong ($2.00-2.03) per kg from 46,000 dong-46,500 dong a week earlier, traders said, reflecting an decrease in the London ICE November futures contract, which fell 1.2 percent to close at $2,131 a tonne on Wednesday.
Traders said Vietnam’s 5 percent black and broken grade 2 robusta variety was trading at a discount of $50-$90 to the ICE November contract, slightly tighter than a discount of $50-$100 last week.
NGUYEN MI, Reuters