79% Offerings Withdrawn From Coffee Auctions

Large scale withdrawals of coffee by sellers continued at the Indian Coffee Traders Association (ICTA) auctions here yesterday, despite a rise in offtake of the offerings and marginal rise in the prices.

Most quantities continued to be withdrawn in anticipation of higher prices in the coming days, the auctioneers, Karnataka Coffee Brokers Ltd, said.

Nearly 79 per cent of the offerings were withdrawn yesterday.

The expectation of higher prices was in view of a fall in arabica production.

Yesterday's sale was, however, better than the previous week when nearly 90 per cent of the offerings were withdrawn by sellers on difference over prices.

 

The sale opened to sluggish demand with exporters maintaining a low profile and local traders being selective.

Domestic buyers bought mainly for immediate use, and prices quoted were marginally higher than previous auctions, the auctioneers said.

During the auctions, 1.25 lakh or 27.29 per cent of the total 4.60 lakh arabicas on sale were sold. The sale of robustas amounted to 20,413 kg or 8.73 per cent of the total 2.33 lakh kg on offer.

This was against the offtake of 3.72 per cent arabicas and 1.78 per cent robustas traded last week.

Of the total amount of arabicas sold, primary grades accounted for 30.22 per cent and secondary 21.11 per cent.

In arabica parchment category, peaberry were sold at an average price of Rs 141.72 a kg as against Rs 138.47 last week.

`A grade was offered at Rs 139.78 against Rs 146, 'b' grade at Rs 130.70, 'c' grade at Rs 124.74 and 'bbb' at Rs 69.90.

Among arabica cherry, peaberry was sold at Rs 109.34 as against Rs 105 a kg last week.

'Ab' was sold at Rs 119.80, 'c' at Rs 78 as against Rs 80, and `bbb' at Rs 58.94 as against Rs 61.12 last week.