HANOI (Reuters) – Domestic coffee prices in Vietnam fell sharply on Thursday from Wednesday, halting the strong recovery from a six-year low seen in early May.
Farmers in the Central Highlands, Vietnam’s largest coffee growing area, sold coffee at 33,000 dong ($1.41) per kg on Thursday, down 3% from Wednesday but higher than last week’s prices of 32,000-32,700 dong.
“The price fall after a sharp decline in global prices is seen as a necessary technical correction, but I don’t think prices can fall much further as domestic supplies are running low,” a trader based in Dak Lak province said.
The trader added farmers have sold more than 80% of their 2018/19 harvest. The 2019/20 harvest won’t begin until October.