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Coffee trade subdued in Vietnam ahead of the Lunar New Year holiday

Vietnam

MILAN – Vietnam’s coffee growers completed harvest operations for the 2019/20 crop as of January 15, according to the median estimate of 13 analysts and traders surveyed by Bloomberg.

As much as 40% of the crop has already been sold, according to the same source.

Coffee exports from Vietnam fell almost 12% in 2019 to 1.65 million bags, according to data released by the General Department of Vietnam Customs.

Meanwhile coffee prices are down this week ahead of Tet holiday. Markets in Vietnam will shut from Jan. 23-29 to mark the Lunar New Year. Farmers in the Central Highlands, sold coffee at 32,300-32,500 dong ($1.39-$1.40) per kg, narrowing from 32,600 dong last week.

Traders in Vietnam offered 5% black and broken grade 2 robusta at $70-$80 premium per tonne to the March contract on Thursday, down from $100 premium last week, reports Reuters.

Export activities will not resume until the holiday is over, says trade sources.