Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Agri-Biz & Commodities
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Coffee Coffee prices edge up; crisis persists Our Bureau
Mumbai , Aug. 28 ALTHOUGH global coffee prices edged up in July after a depressing June, the crisis in the market is far from over and even a widely anticipated supply shortfall has not helped prices recover to any significant extent. World coffee prices firmed up slightly in July. The climb halted in the third week of the month, but resumed for the rest of the month and the first week of August. The monthly average of the ICO composite indicator price was 50.89 cents per pound last month compared with 48.90 cents/lb in June and 53.19 cents/lb in May. Though the price trend in July was upward, prices remain too weak to speak of an incipient recovery from the coffee crisis in exporting countries, the International Coffee Organisation (ICO) said. In Brazil, the risk of frost in main coffee growing regions has almost totally disappeared and early flowering is already occurring; but the extent of the shortfall in Brazilian production in crop year 2003-04 and the impact of the coffee crisis on the world supply are having some impact on the world market, according to ICO. Crop year 2003-04 will commence in two months' time in most exporting countries, while the harvest in other countries began in April or July 2003. Latest estimate suggests world coffee production to be in the 100.1-102.4 million bags range, down from 119.51 million bags in 2002-03. Coffee output in Brazil is expected to be down to 27.86-30.09 million bags in 2003-04 from 48.48 million bags of 2002-03. Bearing in mind the difficulties in the coffee industry of exporting countries, a shortfall of 8-13 million bags during crop year 2003-04 is still possible, according to ICO. Cumulative exports during first nine months of coffee year 2002-03 (October-September) were 66.30 million bags versus 63.58 million bags same period last year.
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