Coffee prices up on more demand, Vietnam harvest starts

19 | 11 | 2007

Coffee prices were slightly higher across Asia in the week to Tuesday November 13 on growing demand from roasters, despite increasing flows of coffee from Vietnam, said traders. The most traded January futures contract on the London Euronext.liffe futures exchange ended down US$25 at US$1,890 a metric tonne.

Contrary to reports of constant rain in Vietnam, the coffee growing areas in the Central Highlands have been enjoying "good, sunny weather," said a trader in Ho Chi Minh city. "The rain is mostly in the northern regions of Vietnam. It's been sunny in the coffee fields and around 14% of the crop has been harvested," he said.

Traders estimate that around 35% of Vietnam's robusta crop -or 420,000 tonnes -of coffee will be harvested by the end of November. Some 300,000 tonnes of coffee have been forward traded to date. Free-on-board offers for robusta grade 2, 5% black and broken beans, for delivery from February are quoted at around US$1,740/tonne, up US$10 from the previous week.

In Indonesia, coffee trading remained at an end-season lull as traders have run short of supply. "Few roasters will buy from Indonesia with the Vietnam crop available so soon," said a trader based in Lampung.

Free-on-board offers for robusta grade 4, 80 defects, for delivery from February were last quoted around US$1,760-$1,770/tonne.

In India, prices inched higher as trading volumes remained thin. Sellers are keeping their prices at a US$170/tonne premium to the London benchmark while exporters are waiting for premiums to fall.

"With the new crop arriving soon, we think that a premium of US$120-130/tonne or less would be workable both for sellers and collectors," said a trader based in Bangalore. fob prices for robusta cherry AB for immediate shipment were quoted at$2,060/tonne, up US$20 from a week ago.

Source: intellasia.net

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