Vietnam coffee out of market

Vietnam coffee out of market

SINGAPORE (Reuters): Vietnam robusta exporters were out of the Asian coffee market on Monday at the start of the Tet Lunar New Year holidays in their country, dealers said.

But small-lot selling of Thai and Indonesian origins were seen in an otherwise lethargic market, they said.

"There's not much business anymore in Vietnam. They're probably all drinking away already," one coffee trader said.

Vietnam celebrates Lunar New Year from January 27 to 30. One European trader said a small amount of Thai coffee was bought. "Bits and pieces of Indonesian origins were also being sold," the dealer added.

Thai coffee was seen by the trade being sold at around US$190- $210 under the benchmark March robusta futures contract in London, which closed on Friday $11 up on the day at $1,770 a ton.

Indonesian beans were quoted at $140-$160 under March. Vietnam's Grade 2 coffee, five percent black and broken, were seen at $150-$170 under the March robusta contract.

"No one is going to do any more covering," one dealer said. "We've done nothing today. Vietnam is effectively closed for the week," another said.