India coffee up on domestic demand
Michael Chen
Senior Web Developer
The prices of arabica plantation and arabica cherry rose at an auction held on Thursday on higher purchase by domestic traders, auctioneer J. Thomas & Co said in a statement.
The statement said exporters were selective on robusta parchment coffees on offer.
Arabica plantation PB, A and B grade prices rose by 50 rupees per 50 kg compared to the previous auction whereas C grade variety remained unsold as sellers' price expectations were higher than the buyers' interest, it added.
Arabica cherry AB, AA and C grade prices rose between 50 and 150 rupees per 50 kg as against the previous sale date.
Out of the total 154,134 kg offered for sale, only 31,000 kg were sold at last week's auction.
Indian coffee exports fell 6.76 percent on year to 285,555 tonnes in the first ten months of the coffee year that started in October, the state-run Coffee Board said in a statement on Wednesday.
India, the world's fifth biggest producer, accounts for only 4.5 percent of the world's output, but exports 70-80 percent of its produce. Italy, Russia and Germany are the top three buyers of Indian coffee.
Source: in.reuters.com/article/2012/08/13/markets-india-coffee-idINL4E8JD0ZT20120813
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