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Asia Coffee-Differentials vary; Ramadan, London hurt trade
Thu Jul 3, 2014 1:27am EDT* ELB beans traded at $60-$80 premiums
* 4, 80 defects, grade 2, 5 pct broken unsold
By Lewa Pardomuan
SINGAPORE, July 3 (Reuters) - Higher-quality robustas were traded this week but the physical market lacked activity because of the Muslim fasting month in Indonesia and volatile prices in London, which curbed interest for Vietnamese beans, dealers said on Thursday.
Liffe robusta futures have gained more than 20 percent this year after New York arabicas rallied on uncertainty over drought damage to crops in main coffee producer Brazil.
The Extra Large Beans variety from Indonesia's main growing island of Sumatra was sold at premiums of $60 to $80 to London, but the widely-traded 4, 80 defect beans struggled to find buyers. The grade was offered at premiums of between zero and $30, versus $10 last week.
"I haven't bought anything. The last offer I've got from Sumatra was at +$20 premiums," said a dealer in Singapore. "I am not so sure if local roasters are already covered, and Ramadan can be of the reasons why people are not in the market."
Indonesia, the world's third-largest coffee producer after Brazil and Vietnam, is also the world's most populous Muslim nation. During Ramadan, all healthy adult Muslims are expected to refrain from eating and drinking during daylight hours.
Indonesia competes with neighbouring Vietnam in the robusta market. The bitter-tasting robusta beans are either blended with higher-quality arabica for a lower-cost brewed coffee or processed into instant coffee
"We've been confronted by a very quiet market," said an exporter in Java. "I've only seen deals for high-quality beans and foreign buyers already preparing for their summer holidays."
Indonesia's coffee output is likely to plunge to a three-year low in 2014/15 due to unfriendly crop weather, while higher domestic consumption will soak up about half the produce, a Reuters survey showed, curbing sales by the key exporter.
Rival Vietnam was equally deserted, with grade 2, 5-percent broken beans quoted at discounts of $30 to London futures, wider then last week's traded prices of $10 to $15 below futures.
Vietnam's domestic coffee prices rose to between 41,000-41,200 dong ($1.92-$1.93) per kg on Thursday, the highest in nearly seven weeks, following gains in London's futures markets.
"There could be deals at -$20 but it's tough to say," said the dealer in Singapore. "It's slow just like in Indonesia and it seems nobody is keen to do anything at the moment."
Liffe's September contract ended up 1.5 percent at $2,047 tonne on Wednesday, having slipped earlier this week to track wild movements in arabica. (Editing by Sunil Nair).
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