Feb. 24 (Bloomberg) -- Coffee exports from Vietnam, the world’s largest producer of robusta beans, jumped 85 percent last week from a year earlier, according to Volcafe, the coffee unit of ED&F Man Holdings Ltd.
Vietnamese coffee exports totaled 48,000 metric tons between Feb. 13 and Feb. 17, the Winterthur, Switzerland-based trader said in a report e-mailed today. Shipments were 26,000 tons in the same period last year, Volcafe said.
There were “enormous record-breaking post-Tet exports for Vietnam last week,” Volcafe said. The Tet festival, which marks the Lunar New Year, was Jan. 23 to Jan. 27.
Vietnam’s coffee exports fell 48 percent to 112,182 tons in January from a year earlier, government data show. Farmers there had been holding back beans waiting for higher prices, German researcher F.O. Licht GmbH said in a report dated Feb. 22.
Coffee beans from the Southeast Asian nation were trading at the same level as the price on the NYSE Liffe exchange, down from a premium of $30 a pound last week, Volcafe data show.
Differentials “were looking to weaken faster, however, some aggressive buying has hindered the expected adjustment,” the trader said. Differentials correspond to a discount or a premium paid to obtain physical coffee in relation to the futures price.
Vietnam is the main supplier of robusta beans at this time of year. The harvest in Brazil, the second-biggest producer of the variety, usually starts in July and the crop in third-ranking Indonesia starts in April.
Robusta for May delivery climbed 0.8 percent to $2,035 a ton by 12:46 p.m. on NYSE Liffe in London.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.