Coffee export market of Vietnam for several days due to slow service exporters want to sell at high prices that buyers are "not going anywhere but got" as much inventory.
Reuters said that coffee farmers are hoarding tends to queue up when they see the price forecast that this year's coffee production will decline from record levels of 2011/2012 crop year. More and more market share so quiet.
According to the news agency, Vietnam, the largest producer of coffee after Brazil's second world, have gathered more than half of the 2012/2013 coffee crop. However, in the context of the world coffee price decline, coffee growers not interested in selling the product.
In trading on Tuesday (28/11), Robusta coffee prices in London January surprises up 57 USD / ton, an increase of nearly 3%, reaching $ 1,911 / ton. In trading on Monday, when coffee prices had dropped to $ 1,836 / tonne, the lowest level for the price of coffee futures first 2 months from February.
Coffee exporters in Vietnam are looking to sell coffee type 2, with 5% of black beads and coffee breaks parity with delivery in January in London. However, the bid price for coffee exporters in Vietnam is still lower than the 50-70 dollars / ton over the price of coffee futures in London.
If not the recovery session yesterday, is up to date 27/11, coffee prices in London January delivery fell 15.5% loss since Vietnam began in the 2012/2013 coffee year 1 / 10. In water, Robusta prices the same period decreased by 12%, lower than the decrease of the coffee futures market in London.
User response to last night's strong gains, the price of coffee in the Central Highlands bucket today from 900-1000 gained VND / kg, up to 38000-38100 / kg. In early October, the price of coffee in Dak Lak is 42,800 VND / kg.
"Domestic coffee prices are still high. Coffee is not in the warehouse and abundant, so there is no more buyers, "a trader in Ho Chi Minh City said. With the belief that coffee production will decline this year, the coffee growers want to sell out yet.
According to the Ministry of Agriculture (USDA), due to less favorable weather, coffee production in crop year 2012/2013 of Vietnam can be down 9% from a record 24.2 million 60-kg bags gain last year.
Statistics by the Ministry of Agriculture and Rural Development released on 27/11 show that, in November, Vietnam exported about 110,000 tonnes of coffee, or 1.83 million bags, up 55.6% compared to the same previous year and exceeded market forecasts. According to statistics, 10-11 in two months, coffee exports from Vietnam increased by about double to 212,000 tonnes from the 103,000 tonnes in the same period in 2011.
The trader said that exports of Vietnam coffee increases could be why the world coffee prices fell, in the context of the coffee harvest in Vietnam peaked leading to abundant supplies.
source: http://vneconomy.vn/
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