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Saturday, May 18, 2024

Coffee traders caught off guard

By Huynh Ngoc Nhu

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The coffee price in the Central Highlands, Vietnam’s key coffee growing region, shot up to VND100,000 per kilo on March 28. But this unexpected spike made many farmers unhappy as they had no more stock to sell. Domestic coffee processors and exporters are grappling with the repercussions of failing to secure sufficient coffee beans in advance. Numerous businesses are compelled to procure coffee at a far higher price to fulfill their contracts. The relentless price surge has caught many domestic coffee processors and exporters off guard in recent days. Relentless price rise The robusta coffee market saw an unprecedented jump in price during the first quarter of 2024, reaching a three-decade high. Data from the Mercantile Exchange of Vietnam (MXV) indicated that prices on the Intercontinental Exchange-EU (ICE-EU) soared to a 30-year high on March 27, surging 30% over the beginning of the year and a staggering 70% compared to the same period last year. In the Central Highlands, prices peaked at VND100,000 per kilo on March 28, said a Lam Dong Online news report. This was the highest price ever recorded. A market analysis showed that the coffee price rise might have started at the end of the previous […]
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