Domestic coffee prices hit all-time high

The domestic coffee prices has hit all-time high after rising VND2,000/kg to VND46,000/kg in Vietnam’s Central Highland provinces due to higher world prices on supply concerns

The domestic coffee prices has hit all-time high after rising VND2,000/kg to VND46,000/kg in Vietnam’s Central Highland provinces due to higher world prices on supply concerns, the online newspaper DVT reported on March 1,citing local farmers.

Vietnam has biggest Robusta coffee output in the world. Therefore, the domestic coffee prices are likely to be affected by the world price changes.

The coffee prices on the London International Financial Futures and Options Exchange stayed high at $2,384 per ton for forward contract delivered on May.

Analysts said that the Vietnam coffee prices will continue to increase in the coming time.

Earlier, the Vietnam Coffee and Cacao Association (Vicofa) attributed the coffee price hike to the increasing demand in the world market while heavy rain caused crop damage in Vietnam, the second biggest coffee exporter.

The country’s coffee output is forecast to fall 20% to 1.1 billion ton in the 2010-2011 crop, Vicofa predicted. – Stoxplus.com

Tags: Vietnam Coffee, Vietnam coffee prices