ASIA COFFEE-Prices drop in Vietnam on global cues, higher supplies from rivals
By Phuong Nguyen
HANOI, May 29 (Reuters) - Domestic coffee prices in Vietnam fell further this week following a sharp fall in the London terminal and higher supplies from rival producers that eased supply scarcity, traders said on Thursday.
Farmers in the Central Highlands, Vietnam's largest coffee-growing region, sold beans COFVN-DAK at 121,700-122,300 dong ($4.68-$4.70) per kg, down from last week's 124,500-125,200 dong. Indonesia's market was closed for a holiday.
LIFFE Robusta coffee LRCc2 fell 3% to $4,566 a ton as of Wednesday's close, the lowest level in six months, LSEG data showed.
"New supplies from other markets are building up. Currently, prices of Vietnamese beans are higher than those of rivals, causing tepid trade activities," said a trader based in Ho Chi Minh City.
"Additionally, freight is higher recently due to higher demands for shipping before the Trump's tariff pause ends."
Traders offered 5% black and broken-grade 2 robusta COFVN-G25-SAI at a premium range of $150-$180 per ton to the September LIFFE contract.
Another trader based in the coffee belt said that the weather was still in good condition with sufficient water for the trees.
($1 = 26,032.0000 dong)
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