MILAN — Tightness in coffee inventories and lingering weather problems in Brazil and Vietnam continued to support the coffee futures markets, which rose for the third time in a row yesterday (Thursday, 10 October). The biggest gains were recorded in New York, where the contract for December delivery gained 470 points to close at 254.75 cents. The Ice Robusta coffee futures also inched higher: the contract for January delivery was 0.9% higher and settled at $4,742.
Certified stocks fell back last week to four-month lows in New York and London.
Trade relations between the coffee sectors of Vietnam and Italy were the focus of a Forum held on Wednesday, 9 October in Turin. The event was aimed at enhancing cooperation and partnerships between two “coffee powerhouses”.
In his opening remarks, Ambassador Duong Hai Hung said the forum offered a valuable opportunity for both sides to discuss and explore the potential for establishing concrete collaboration across various stages of the coffee supply chain.
Nguyen Nam Hai, Chairman of the Vietnam Coffee – Cocoa Association (VICOFA), provided an overview of Vietnam’s coffee industry, which has positioned a global reputation in terms of plantation scale, productivity, and output.
It should be noted that more than one third of Vietnamese coffee in the hands of companies is certified as sustainable. Italy is the largest importer of Vietnamese coffee and the first customer is Lavazza.
According to Fabrizio Munegato, a representative of the Lavazza Group, Vietnamese businesses consistently demonstrate their capacity in coffee production and competitiveness, which undoubtedly provides momentum to further strengthen partnerships between businesses of the two countries.
The president of the Gruppo Italiano Torrefattori Caffè (GITC), Omar Zidarich, emphasised the many challenges that the Italian industry is facing, due to high prices, but also the logistical difficulties related to the war in the Middle East and the situation in the Red Šea.
Zidarich also said that GITC’s members wish to have access to information provided directly by coffee producers and exporters.
He stressed the importance of trade associations in Italy and the role played by the GITC in the coffee sector.
‘Italy is not only a coffee country because it has volume potential, but also because it has a united network of companies, which is not always the case in other countries”, he added.
