Coffee Board Cuts Output Estimates

The Coffee Board of India slashed India’s 2009-10 (October-September) output projection by approximately 5.5% to 289,600 tonnes. Reduced estimation is mainly due to crop damage by heavy rains in major growing states.

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“The reduction in crop output is seen largely in Karnataka, while regions in Andhra Pradesh, Kerala and Tamil Nadu showed a nominal drop,” Coffee Board Chairman GV Krishna Rau said.

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He said heavy rains in Karnataka during October-November led to adverse crop conditions like berry dropping and wet feet in certain growing areas. Karnataka alone accounts for a fall of 15,775 tonnes of the estimated 16,700 tonnes decline in coffee output.

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In Other major Commodities Update, there is news of pepper futures fell sharply on bearish sentiments that pulled down the prices of all contracts.

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Pepper Future Report Fall

On Monday, pepper futures fell sharply on bearish sentiments that pulled down the prices of all contracts.

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Bearish sentiment that new crop would arrive any time in the market and there is no domestic demand to absorb it was being spread widely.

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Besides, 1,200 tonnes of pepper’s validity will expire on Feb 5 and hence it will be liquidated in January and that will come for delivery next month, thus goes the misinformation, market sources said.

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December contract on NCDEX dropped by Rs 367 to close at Rs 14,055 a quintal. January and February fell by Rs 376 and Rs 382, respectively to close at Rs 14,332 and Rs 14,560 a quintal.

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Total turnover increased by 3,064 tonnes to 6,925 tonnes. Total open interest moved up by 391 tonnes to 13,113. December open interest fell by 499 tonnes while that of January increased by 755 tonnes and February up by 92 tonnes.

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