Coffee Prices Rising in Vietnam
Coffee prices soared by nearly 7% from a week earlier to a 19-month record high of between $1,373 and $1,378 a ton on June 12 in the central highlands region of Vietnam, according to local traders.
The price hikes are mostly driven by the increasing coffee prices on the global market, rather than the government-led plan to stockpile 200,000 tons of coffee, the traders said.
On June 12, coffee was traded at $1,560/ton in London, up $224/ton from $1,336/ton a week earlier, the traders added.
Vietnamese government has launched a plan to provide local firms with soft loans at 6% interest rate/annum to buy 200,000 tons of coffee beans for stockpiles, to prevent the prices’ further drops. The plan will last six months until Oct 15.
Vietnam notched up $810 million from shipping 584,000 tons of coffee in the first five months of 2010, down 17.3% on-year in value and 11.4% in volume, the Ministry of Agriculture and Rural Development said. (Youth)
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