Asia Coffee-Choppy London distorts trading, Vietnam at premiums - Reuters Asia Coffee-Choppy London distorts trading, Vietnam at premiums - Reuters
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Asia Coffee-Choppy London distorts trading, Vietnam at premiums - Reuters

Asia Coffee-Choppy London distorts trading, Vietnam at premiums - Reuters

Thu Jun 14, 2012 2:29am EDT

* Vietnamese robustas at premiums to London

* Sumatran beans at premiums of up to $70 despite harvest

* Liffe down 7.5 pct from this year's peak

By Lewa Pardomuan

SINGAPORE, June 14 (Reuters) - Robusta beans in top producer Vietnam were offered at premiums again after sellers held back their stocks and waited for London futures to rebound further, while high prices in Indonesia curbed trading, dealers said on Thursday.

Vietnam's robusta grade 2, 5 percent black and broken was either on par or at premiums of $10 to London's September contract, having been quoted at $20-$30 below Liffe earlier this week and at discounts of $20 last week.

Cherries have begun to appear in coffee trees ahead of the next harvest later this year in Vietnam, but farmers and exporters still hold some quantities of coffee from the previous crop, which they may want to sell when they need extra cash.

Vietnamese beans were last quoted at premiums to London in February.

"I think they will sell the coffee when they want to. It's difficult to say, but I think there are around 300,000 tonnes of coffee left from the last crop," said a dealer in Hong Kong.

"You can find coffee in Vietnam but it's difficult to buy beans in big quantity. Indonesia was very aggressive to sell in the past week, but I think people will still continue to buy Vietnamese beans."

Robusta futures on Liffe edged higher on Wednesday, with September ending up $29, or 1.4 percent, at $2,099 a tonne, but prices were still well below a 8-1/2-month high at $2,269 struck in late May.

Not to be outdone by Vietnam, exporters in second-largest robusta producer Indonesia offered Sumatran grade 4, 80 defect beans at as high as $70 premiums to London futures from discounts of $10 last week.

Vietnam and Indonesia account for nearly a fifth of the global coffee output in the current 2011/2012 crop, according to the International Coffee Organization.

"European roasters are quiet at the moment. We offer beans at $20 to $70 but there are no deals. I heard Nestle was in the market last week to buy around 10,000 tonnes but I am not sure if there were deals," said a dealer in Singapore, referring to the world's biggest food group that makes Nescafe coffee.

"Daily arrivals are steady at around 1,500 to 2,000 tonnes."

The harvest in Indonesia's main producing island of Sumatra started at the end of January and may peak in June, while the next crop in Vietnam is expected to start in October or November in the Central Highlands coffee belt.

WEEKAHEAD

Beans in Vietnam and Indonesia could be offered at premiums next week if London futures stay at the current levels because of pressure from other markets ahead of a make-or-break Greek election.

Coffee output from Vietnam's current 2011/2012 crop would reach 20 million bags, up 2.7 percent from the previous season, the International Coffee Organization said, raising its estimate by around 9 percent from 18.3 million bags previously. (Editing by Ed Lane)



London 2012 Olympics: Games promise to be poetry in motion as event's success is measured by the metre - Daily Telegraph

One hopes that such virtues can be ascribed to the Greek ode that Johnson has commissioned especially for the Olympics from Armand D’Angour, fellow in Classics at Jesus College, Oxford.

The ode itself is, as per Johnson’s instructions, to have the lightest of touches: six stanzas in Greek that all offer puns’ on athletes names.

For those who question whether this is an exercise in the Mayor’s personal amusement – Johnson, an Oxford classicist himself, once said of becoming Prime Minister: “Were I to be pulled like Cincinnatus from my plough, then it would be an absolute privilege to serve” – there will, mercifully, be a translation into English.

From the moment D’Angour’s creation is read out at the Royal Opera House on July 23, at a gala welcome for the International Olympic Committee, there will be no escaping the literary dimension of these Games.

The ritual imitates a tradition of the ancient Olympic Games, where poets including Pindar would compose odes in honour of victorious competitors.

Such was the symbolism of the Olympics’ restoration to Athens in 2004 that D’Angour offered this suitably Pindaric contribution:

Blessed precinct of the land of Athena

Immortal City of Theseus and the sons of Erechtheus

We will sing of you, whence Athenians of old

And heroes once set forth to the Games

Of shining Olympia.

You might be inspired, upon absorbing these soaring words, to study the intricacies of Pindar’s dithyrambs in greater depth. You might, equally, be tempted to disregard them as the intellectually aloof scribblings of a remote academic.

But on the second count, you would be misguided. For poetry, and the celebration of artistic merit, has remained enshrined in the Olympic movement to an extent that few in its modern incarnation appreciate.

From 1912 to 1952, Olympic medals were bestowed for works of art reflecting sport across architecture, literature, music, painting and sculpture.

The story-makers in London this summer would do well to contemplate the deep cultural immersion of their forebears and the fact that, in the capital in 1948, it was possible for Finland’s Aale Tynni to win literary gold for her lyric poem Laurel of Hellas.

The notion that the rich sweep of poetry could inform a present-day Olympics is not so anachronistic.

Indeed, it was the innovation of Pierre de Coubertin, deemed to be the father of the modern Games, to incorporate art competitions into the Olympic programme.

Ever the virtuous pedagogue, De Coubertin was the son of an artist whose works featured in the Parisian Salon, and his obsession with giving the Games a broader edifying purpose grew all-consuming.

In 1904, he decreed: “In the high times of Olympia, the fine arts of were combined harmoniously with the Games to create their glory. This is to become reality again.”

It did seem a trifle skewed, though, that he should have claimed the gold for literature himself in 1912 for his poem Ode to Sport. Silver and bronze were not awarded.

But the legacy bequeathed by his poetic preoccupations is a positive one. Quite apart from D’Angour’s experiments in the metre of Pindar, the anticipation of these Olympics is stirring a national revival of perhaps the purest of art forms.

In the seaside Norfolk town of Wells-next-the-Sea, a group of residents have prepared for the torch relay next month by composing an ode of their own, entitled Going for Gold.

From Wordsworth’s affection for cricket to John Betjeman’s A Subaltern’s Love Song, a hymn to the rhythms of tennis, poetry and sport have been inextricably intertwined.

The impending Olympic narrative promises the strengthen the connection like never before.


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