Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Agri-Biz & Commodities
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Coffee `Robusta coffee meet unlikely' M.R. Subramani
CHENNAI, Jan. 24 A MEETING of top robusta coffee producers, India, Indonesia and Vietnam, to discuss ways to lift the sagging prices is likely to be a non-starter. "We don't think the meeting is going to be held. We have heard nothing about that," official sources told Business Line. AEKI (Indonesia Coffee Exporters' Association) had announced in December that a meeting of the three nations would be held. Later, it clarified that the meeting would be held this month. "We don't see the meeting taking place at all. How can the meeting take place when Vietnam is selling aggressively?" the sources asked. Currently, Vietnam 2 5 per cent black and brown robusta is quoted at $300 per tonne, while the Indian robusta cherry is priced around $570 a tonne. Indonesia's 4,8 defects robusta is quoted at $400 a tonne. The meeting was planned mainly to curb exports and production in order to lift the prices. The move came close on the heels of robusta prices nose-diving to a 30-year low during July 2001. Since then, the prices have been hovering around that level. India, Vietnam and Indonesia account for 22 per cent of the total coffee production in the world and 45 per cent of robusta output.
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