This week the terminal market helped shippers book some business at attractive prices, above 200 c/lb for Grade 5 and above 320 c/lb for Sidamo 2 and yirgacheffes. Offers were easy to comeby, however the quality on offer is a different story, buyers have to be careful and discretionary when buying or they can end up “buying a problem” which is never good and much worse when the market does is not trading in carry! All in all, a good week of trading, helping shippers liquidate stale Washed coffee longs and achieve better prices for lower grade Naturals. Quality of arrivals in Addis Ababa of Grade 5 is generally poor but this should improve and we approach the last quarter of 2022 and local players start to come under pressure to ship current crop and start buying from farmers the new crop which will be ready from September onwards.
Logistics are difficult but stable, no noticeable change from recent weeks, shippers struggle but eventually find containers and space on vessels is available.
The World Health Organization (WHO) Director General Tedros Ghebreyesus has commented on the situation in Tigray, pls follow the link to hear his comments made earlier this week in NY: https://www.bbc.com/news/live/world-africa-62444129?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=630855a5405bb048e31832a5%26WHO%20boss%20unable%20to%20send%20money%20to%20starving%20Tigrayan%20kin%262022-08-26T06%3A02%3A15.051Z&ns_fee=0&pinned_post_locator=urn:asset:cbead723-6479-4463-a550-0f85d1eb0321&pinned_post_asset_id=630855a5405bb048e31832a5&pinned_post_type=share
Birr 52.41 = USD 1
Have a restful weekend