Due to a plan regarding domestic coffee reserves, coffee prices in the Central Highlands area have been steadily climbing.
Coffee prices in Dak Lak and Dak Nong Provinces increase by VND1,000 to VND24,300 per kilogram (Photo: VNEconomy)
Yesterday, prices in the region rose by VND600-800 per kilogram over last week’s prices.
Particularly in Dak Lak and Dak Nong provinces, coffee was sold for VND24,300 per kilogram, up VND1,000 per kilogram from last week.
Coffee prices may continue to increase over the next two months, several coffee export businesses have forecast.
In London, the price of coffee on March 26 also increased by US$55 per ton to $1,342 per ton.
The cause of the sharp rise is that the Vietnam Coffee and Cocoa Association has proposed the Government support a plan to purchase 200,000 tons of coffee for reserves this year, experts said.
The plan is likely to affect the balance of supply and demand on the world’s coffee transaction floors, since Vietnam is among the world leading exporters of Robusta coffee.