As global coffee prices rise, farmers are reluctant to sell coffee.
According to foreign media reports, due to the reduction in coffee supply, farmers want coffee prices to rise and are unwilling to sell coffee, leading to deserted trading in the Vietnamese coffee spot market.
In Vietnam's largest coffee-growing region, the central plateau, the latest spot price of coffee is 63500,66,000 dong / kg (US $2.62-2.72), up from 59900,60,500 dong / kg last week.
Local traders said, "Cafe farmers are not selling coffee beans now because the price of coffee has been rising and they are waiting for it to rise even higher. They may wait until the end of December to start releasing large quantities of coffee beans in preparation for the upcoming Lunar New year." Another trader said that farmers had finished picking coffee fruits and were drying the beans.
Arabica coffee closed up 3.4 cents, or 1.8 per cent, to $1.8865 a pound in March, after hitting a seven-month high of $1.9195 a pound, according to the London Stock Exchange. Robusta Coffee rose $228 in a week to $2769 a tonne after hitting a 15-year high of $2810.
The price rise is thought to be due to concerns about the future of coffee supply. Some dealers said that Brazil, the world's largest coffee producer, is facing high temperatures and dry weather in some areas, which is the latest climate problem that coffee has to deal with. Earlier, other coffee-producing countries, such as Indonesia and Vietnam, reported similar problems.
According to LSEG's agrometeorological dashboard, soil moisture in the state of Espinirito Santo (Espirito Santo), Brazil's largest production area, is now at its lowest level in seven years, which is bad for coffee growth. Dealers in Brazil say local farmers are in no hurry to sell coffee because they struck a deal at a higher price last week, the weather is uncertain and the end of the year is approaching.
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