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Coffee in abundant supply at low prices in 2001
International Coffee Organisation (ICO) said on Monday the situation of coffee coming into 2001 remained one of abundant supply and prices which were extremely low when viewed historically.
Speaking on the world coffee outlook for 2001, the London-based ICO's head of operations, C P R Dubois, told an international scientific symposium on coffee that although supply and demand were currently not far from balance, there had been increases in stocks in net importing countries in the last year.
"Moreover, trade estimates usually indicate a significant current global surplus and the FAO's long-term forecasts
issued in 1999 projected a supply surplus of some 10 million bags by 2005, all factors which have helped depress the market", Dubois said.
Referring to the recently negotiated International Coffee Agreement 2001, he said promotion of consumption had been reinstated as a key objective of the ICO, while promotion of
quality was identified as a separate objective.
The symposium, being attended by several eminent coffee
scientists from coffee producing and consuming countries, was
organised by the coffee board to commemorate the platinum
jubilee of the Central Coffee Research Institute located at Balehonnur in Karnataka's Chikmagalur district.
Bureau Report