Vietnam Coffee Discount Vanished This Week
Michael Chen
Senior Web Developer
The discount buyers were getting for coffee from Vietnam, the largest producer of the robusta variety, vanished this week, in the face of “big demand” and farmers holding back beans, according to Volcafe Ltd.
Vietnamese beans for shipment in May and June were at the same price as the futures on the NYSE Liffe exchange in London, the coffee unit of commodities trader ED&F Man Holdings Ltd. said in a report e-mailed today. That compares with a discount of $10 a metric ton last week, according to the report.
“The local action stayed quiet due to the lack of selling enthusiasm by the farmers, whose target price is above current levels,” Volcafe said. “External demand is big and mainly for second-half of the year shipments.”
Exporters are avoiding selling beans for later dates and most business probably will be done between traders and roasters, the Winterthur, Switzerland-based company said in the report. Exports from the Southeast Asian nation continue to be “high.”
In Indonesia, the third-largest robusta grower, demand from local factories and roasters is “very strong,” supporting prices, according to the report. “Most of the exporters are paying hefty premiums in order to obtain available coffee,” Volcafe said.
Indonesian beans for shipment in May and June were at a premium of $100 a ton above the price on NYSE Liffe, unchanged from last week, data from the trader show. Bean arrivals at ports in the country were about 5,500 to 6,000 tons in the week, Volcafe estimated.
Robusta for July delivery climbed 1.6 percent to $2,006 a ton by 2:35 p.m. on NYSE Liffe in London.
Source: bloomberg.com/news/2012-05-04/vietnam-coffee-discount-vanished-this-week-volcafe-says.html
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