Asia coffee: Vietnam domestic prices edge down; Indonesian discount narrows
HANOI: Coffee bean prices in Vietnam on Thursday were down slightly from a week earlier, with the Indonesian discount narrowing on London price strength and tight supplies, traders said on Thursday.
Farmers in the Central Highlands, Vietnam's largest coffee-growing region, sold beans at 130,000-130,500 dong ($5.00-$5.02) on Thursday, down from 132,700-133,700 dong a week earlier. 'The slight fall in domestic prices doesn't fully reflect the global market situation, but it shows that some farmers are under pressure to sell for cash to take care of their farms,' a trader based in the Central Highlands said.
'Farmers are still holding around 40% of their 2024-2025 harvest.' The trader, however, said that prices are unlikely to fall further in the short term because most farmers are holding on to their beans to wait for higher prices. LIFFE Robusta coffee fell 0.9% to $5,314 a ton by 1010 GMT.
In Indonesia, Sumatra robusta coffee beans were offered at a $120 discount to the May contract, narrowing from a $150-$160 discount last week, one trader said, adding that the change was on the back of London price strength a 'scarcity of beans'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
8 hours ago
- Business Recorder
Asian currencies slip on risk off after Israel strikes Iran
BENGALURU: Asian stock markets and currencies fell on Friday as investors rushed to safe havens after Israel struck Iran's nuclear and military sites, deepening market jitters already stoked by global trade tensions. Israel said it was declaring a state of emergency in anticipation of a missile and drone strike by Tehran, after what it called a 'preemptive strike' over Iran's nuclear programme. Crude prices surged over 9% on worries about disrupted oil supplies. Rising oil prices typically pressure emerging Asian currencies by widening current account deficits in net oil-importing countries. The South Korean won and the Philippine peso fell 0.8% each. The Indian rupee fell 0.6% while the Indonesian rupiah dropped 0.5%. An index measuring the dollar against six other currencies rose 0.5%, rebounding from a multi-year low hit earlier this week. Israel-Iran tensions are leading to a more cautious tone in markets and in turn weighing on regional currencies, said Alan Lau, FX strategist at Maybank. The development comes ahead of multiple central bank meetings next week such as the Bank of Japan, the Bank of England and the Federal Reserve 'of which the outcomes on net could support a USD rebound,' Lau said. The Thai baht weakened 0.2%. Maybank analysts said in a note that while higher oil prices are weighing on the currency, the uptick in gold prices was providing some support. The Malaysian ringgit lost 0.5%, in line with the broader movement, even as Malaysia stands out as the only net oil and gas exporter among the major emerging Asian economies.
Business Recorder
8 hours ago
- Business Recorder
Oil up 6pc after Israel's strikes on Iran
HOUSTON: Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies. Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 11:12 a.m. EDT (1712 GMT), after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62. Friday's gains were the largest intraday moves for both contracts since 2022 when Russia's invasion of Ukraine caused a spike in energy prices. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. US President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the 'next already planned attacks.' The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. 'Almost every time you get that big fear response, but then it's almost always not as bad as first thought,' said Phil Flynn, senior analyst at Price Futures Group. 'The Israelis haven't targeted oil refineries and oil pipelines. They haven't targeted oil ships.' One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at 'Sustained upside would require actual disruptions to physical flows - such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint,' Tzabouras said in a note on Friday morning.
Express Tribune
10 hours ago
- Express Tribune
Oil up 6% as Israel strikes avoid oil sites
Listen to article Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies. Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 1712 GMT, after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62. Friday's gains were the largest intraday moves for both contracts since 2022. The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at In other markets, stocks dived and there was a rush to safe havens such as gold and the US dollar and Swiss franc. REUTERS
