30-May-2019 01:49:50 AM
By Khanh Vu and Mas Alina Arifin
HANOI/BANDAR LAMPUNG, May 30 (Reuters) - Vietnam's domestic coffee prices rose about 3.5% on Thursday from a week earlier following an increase in global prices, triggering sales from farmers.
Farmers in the Central Highlands, Vietnam's largest coffee growing area, sold coffee COFVN-DAK at 32,000-32,700 dong ($1.37-$1.40) per kg on Thursday, up from 30,900-31,600 dong last week.
"Farmers have started selling again as prices are nearing their immediate targeted level of 33,000 a kg," a trader based in Dak Lak province said.
"However, sales by farmers will be capped by dwindling supply," the trader said, adding that farmers have sold around 80% of their 2018/19 harvest.
July robusta coffee LRCc1 settled up $40, or 2.9%, at $1,412 per tonne on Wednesday. (Full Story)
Traders in Vietnam offered 5% black and broken grade 2 robusta COFVN-G25-SAI at a $80-$120 per tonne premium to the September contract. Last week, they offered a $45 per tonne discount to the July contract.
The Vietnamese government on Thursday estimated May coffee exports at 135,000 tonnes, down from 143,296 tonnes in April. (Full Story)January-May coffee shipments likely fell 13.1% from a year earlier to 767,000 tonnes.
In Indonesia, trade remains quiet as traders wait for the harvest to pick up pace.
Indonesian premiums for the grade 4 defect 80 robusta COFID-G4-USD July contract stayed flat from last week, in a range of $200-$240, according to a trader based in Lampung.
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