Coffee prices go up in Vietnam
19/5/2005 14:43
Coffee prices in Vietnam have reached their highest levels in the past
five years, according to Vietnam Coffee and Cocoa Association (VICOFA)
Thursday.
The purchase price from farmers was 951-US$995.6 per ton and
US$1,027 at wholesale agencies on Tuesday. It reached 1,058-US$1,090 per ton on
the coffee trading floor.
The rise is due to the deadline in coffee output
because of drought in the central highland region, the largest producer in the
country. Local experts expect the prices to stabilize at these high levels or
even go up further in the coming months.
Meanwhile, global coffee prices were
plunging with futures prices on the New York market Tuesday stood US$1,113 per
ton for July robusta coffee, US$21 below the previous day's closing, said the
report.
Some Vietnamese coffee traders plan to import coffee if domestic
prices continue to rise, as prices in Indonesia and Singapore are lower than in
Vietnam.
Xinhua
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