HANOI/BANDAR LAMPUNG, Indonesia, March 19 (Reuters) – V ietnam’s domestic coffee prices dropped further this week as panic over the coronavirus overshadowed global markets, while trading activity in Indonesia remained tepid on low supplies, traders said on Thursday.
Farmers in the Central Highlands, Vietnam’s largest coffee-growing area, sold coffee COFVN-DAK at 30,500 dong ($1.31) per kg, narrowing from 31,100 dong last week.
There have been virtually no trading activities recently as people are avoiding meeting in person, said a trader based in the region.
“The market extended its subdued sentiment. The virus has disrupted everything,” the trader said. “At this moment it’s very hard to tell when things can be back to normal given the spread in Europe and the U.S.”
After hitting six-month low on Monday at $1,221 per tonne, May robusta coffee rebounded and settled up $6, or 0.49%, at $1,227 per tonne on Wednesday.
Traders in Vietnam offered 5% black and broken grade 2 robusta COFVN-G25-SAI at a premium of $155 per tonne to the January contract on Thursday, compared with last week’s $160.
Meanwhile, a trader in Indonesia’s Lampung province said Sumatran robusta beans were offered $350 premium per tonne for June contract. Another trader said robusta beans were offered at $300 premium per tonne for May contract, compared with $350 per tonne last week.
Trade volume is still low, similar as last week. ($1 = 23,370 dong) (Reporting by Phuong Nguyen in Hanoi and Mas Alina Arifin in Bandar Lampung; Editing by Anil D’Silva)
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