From Business Recorder
A slow start to Vietnam’s 2013/2014 crop harvest due to rain, and the widening of premiums to global prices to a 12-week high, have kept foreign buyers away, traders said on Tuesday. Foreign buyers expect fresh beans to arrive in bulk next month from a bumper crop in the world’s largest robusta producing nation and are ignoring coffee now on offer as it came from the harvest that ended in January, traders said.
Vietnamese Iced Coffee
A bumper crop in Vietnam has been keeping pressure on London robusta futures marker, where the most-active November contract settled unchanged at $1,709 a tonne on Monday. The stock left from the previous 2012/2013 season were estimated at up to 250,000 tonnes (4.2 million bags) in all warehouses from the Central Highlands coffee belt to Ho Chi Minh City, including 150,000 tonnes kept by farmers, traders said.
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