Last Updated :
19 March 2010 at 18:20 IST
Global coffee market may face shortage: ICO
MUMBAI (Commodity Online): Global coffee market is expected to face a shortage this season due to the increased consumption and lower output estimation, said International Coffee Organization (ICO).
Output will be little changed from the 10-year average of 125 million bags. Consumption will reach 145 million bags in five years, assuming an annual growth rate of 2 percent to 3 percent, it said.
The global market faced a shortage in five years as costs in local currencies were rising faster than prices for the commodity in dollars, discouraging production.
Colombian production rose to the range of 14 million-15 million in a few years. Colombia produced 12.5 million bags two years ago before drought cut output to 8.7 million last season.
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