MUMBAI Nov 12 Indian Coffee Association's weekly auction on Thursday saw prices rising slightly on selective purchases by local buyers, auctioneers said on Friday.
The total quantity on offer at the auction was 263.28 tonnes, of which 94 tonnes were sold.
"Domestic trade was active on Arabica Cherry and Robusta Cherry coffees, while the Arabica Plantation and Robusta Parchment coffees received selective enquiry," said an auctioneer in Bangalore.
Arabica Plantation C grade price were higher by 700 rupees per 50 kg, while A & B grade on offer remained unsold.
Arabica Cherry coffees saw good demand from domestic trade, PB & C grade price were higher by 400 rupees to 490 rupees per 50 kg when, AB grade on offer remained unsold.
Robusta Parchment AA grade received enquiry from one of the leading roasters, but other grades received no enquiry.
Robusta Cherry coffees received strong support from domestic trade and prices were higher by 150 to 250 rupees per 50 kg.
A few lots of Arabica Plantation and Arabica Cherry BBB sold at current price levels, Robusta Parchment and Robusta Cherry BBB price were higher by 125 to 200 rupees per 50 kg.
"Domestic demand was good but there was not much interest from the exporters," said Ashok M.C. of Laxmi Venkateswara Coffee Agency at Chikmagalur, Karnataka, a major trading centre.
Following were the prices quoted for 50 kg bags in rupees.
Grade Price range NEW SEASON (2009/10) CROP
PB 9,600 - 9,800
BBB 4,500 - 5,600 ROBUSTA PARCHMENT
BBB 4,000 - 4,075
PB 7,400 - 7,450
PB 4,250 - 4,450
AB 4,300 - 4,600
C 4,225 - 4,400
BBB 3,725 - 3,980
(Reporting by Sourav Mishra in MUMBAI and Kishore S.U. in BANGALORE)
Trending On Reuters
It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article