| Date: |
09-08-2011 |
| Subject: |
India Coffee Rises On Domestic Demand; Export Muted |
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MUMBAI: Coffee prices in India rose at last week's auction on demand from domestic traders though export enquiries were limited, auctioneer said.
Enquiry from domestic traders were better than the previous sale date, said auctioneer J. Thomas & Company Pvt Ltd in a statement released on Friday.
"Only robusta parchment premium grades on offer received enquiry from a leading exporter," the statement said.
Arabica plantation PB and C grade coffee rose by 500 rupees and 600 rupees per 50 kg, respectively, at the auction held on Aug. 4, it added.
Prices of other coffee varieties such as arabica cherry PB, C and AB also rose.
Out of the total 318,623 kgs offered for the sale around 87,000 kg were sold, according to the statement.
Production of robusta coffee in India is likely to be at 85,000 tonnes in the year to September 2012, much lower than the annual average of 90,000 tonnes, as untimely summer rains hampered production, said the Karnataka Planters Association, a trade body.
India is the world's fifth biggest producer but accounts for only 4.5 percent of the world's coffee and exports 70-80 percent of its output. Italy, Russia and Germany are the top three buyers of Indian coffee.
Source : economictimes.indiatimes.com
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