India coffee up on buying by local traders
Michael Chen
Senior Web Developer
Coffee prices in India rose at last week's auction held on Thursday on buying by local traders, while most exporters stayed away from the market, auctioneer J
Thomas & Co. said in a statement.
Arabica plantation B and C grade prices rose by 200 - 650 rupees per 50 kg as compared with the previous auction, the
statement said.
Out of the total 239,468 kg offered for sale, around 30,000 kg were sold, it added.
Coffee prices in global markets have been falling on expectations of higher supplies from top producing Brazil,
traders said.
Indian coffee exports fell 6.88 percent on year to 306,238 tonnes in the 11 months of the coffee year that started in
October, the state-run Coffee Board said in a statement.
India, the world's fifth-biggest producer, accounts for 4.5 percent of the world's output, and exports 70-80 percent of its produce. Italy, Russia and Germany are the top three buyers of Indian coffee.
Source: in.reuters.com/article/2012/09/17/markets-india-coffee-idINL3E8KH66I20120917
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