World coffee consumption in 2008 may exceed 125 million bags (1 bag = 60 kg) compared with an estimated 122 million bags in 2007, the International Coffee Organization said. | |
| In 2006, world coffee consumption stood at 120.39 million bags. Buoyant world consumption was a key factor that supported prices, the ICO said. |
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| Market fundamentals continue to be favourable to sustain the firm trend in coffee prices, the ICO said. |
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| In October, coffee prices rose further, with the ICO composite indicator price at 115.71 US cents per 1 pound. "Adverse weather conditions have continued to affect most of these countries, particularly Mexico. If bad weather continues, it could affect production and quality potential for crop year 2007-08 (Oct-Sep)," the ICO said. |
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| However, coffee producing areas in Brazil benefited from the rainfall, it said. |
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| Total exports in 2006-07 (Oct-Sep) stood at 96.74 million bags, up 9.70 per cent from a year ago. |
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