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Wednesday,12/08/2009 - 11:13
Vietnam Coffee-Higher prices trigger strong sales
Domestic robusta prices in Vietnam have risen more than 3 percent in the past week, tracking gains on the London futures market, and growers and trading houses are stepping up sales as a result, traders said.
Exporters in Buon Ma Thuot, the capital of Daklak province, said they had raised their offer price for robusta beans to 25,800 dong ($1.45) per kg on Tuesday, an increase of 800 dong from a week ago. We are seeing strong sales from local trading houses who are cashing in on the beans they bought from growers at low prices in late June," a trader at Vinacafe in Buon Ma Thuot said. Domestic robusta prices have gained about 20 percent since late June, when quotations touched 27-month lows of around 21,500 dong per kg. Domestic prices quoted by the Vietnam Coffee and Cocoa Association also stood at about 25,800 dong per kg. Data from the association showed indicative export prices for spot shipments this week rose to $1,445 a tonne, free on board, from a range of $1,390-$1,400 last Tuesday. Traders have said supply was expected to run out quickly. The next harvest is due to start in late October and export firms could start selling the fresh beans from late August or September, when they can assess output better. ($1=17,810 dong)
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