Bangalore, Mar 5: India's only coffee auctions here continued to witness large-scale withdrawals for the sixth consecutive week on buyers-growers differences over prices even as prices of almost all coffees declined at sale No Nine yesterday.``Most sellers appeared eager to sell at today's sale but sudden drop in prices once again led to large withdrawals as buyers were reluctant to offer bids,'' auctioneers Karnataka Coffee Brokers Private Limited said in their report.
In yesterday's sale at the Indian coffee trade association auctions, 81.83 per cent of the total 981 tonnes of coffee on offer were withdrawn as only 178 tonnes were sold.
``Small parcels changed hands at prices that were Rs three-six lower to last week,'' the auctioneers said.
Of the 704 tonnes of arabica parchment on sale, only 97 tonnes were sold and of the 70 tonnes of arabica cherry, 22 tonnes were sold.
In the robusta parchment category, 41 tonne of 122 tonne on offer were sold and in robusta cherry 16 tonne of 84 tonne onsale were bought.
The ICTA auctions have been dogged by poor turnover even since global coffee prices slid on decline in the Brazilian real value against the US dollar.
In yesterday's auctions, average arabica parchment peaberry prices slid to Rs 81.04 a kg against Rs 84.42 last week, and ``a'' grade was quoted at Rs 80.08 against Rs 86.31 last week.
Other varieties also slid in tune with the general declining trend.
Among arabica cherry, average peaberry prices slid to Rs 61.58 a kg against Rs 65.56 last week and ``ab'' rates was down to Rs 61.96 from Rs 67.70.
In the robusta parchment section, ``ab'' was quoted higher at Rs 70.16 against Rs 65 a kg last week, while in the cherry category, peaberry ruled at Rs 60 against Rs 62.28 a kg and ``ab'' slid to Rs 60.20 from Rs 65.16.
The Brazilian real has been on the slide ever since the Fernando Henrique Cardoso government scrapped its controlled real exchange rate on January 13.
The Brazilian real has slid drastically against the US dollar by 42per cent to beneath 50 cents since then.
Global coffee prices have witnessed a fall this week on increasing warehouse stocks and easier availability.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.