Notwithstanding the conflict in the North of the country Ethiopian Coffee business continues at great pace; the NY market rally has made differentials more attractive and shippers have been able to register some sales in the past few days. At ECX the volumes on offer have increased as the New Crop harvest is in full swing and possibly as a consequence of these more turbulent times that we live in Ethiopia these days. Shippers are very eager to execute their commitments, getting coffee on vessels and be paid. You certainly get the feeling that the conflict is affecting all aspects of Ethiopian life and shippers decisions.
Meanwhile there is very little news from the conflict zones; again rockets from Tigray were fired at Amhara towns. In Addis the Government has arrested scores of influential and prominent Tigray military leaders and other persons, while at the same time freezing bank accounts and assets. An estimated 30,000 civilians have fled Tigray to Sudan to escape the conflict.
So far the pace of shipments is very disappointing, reflecting the poor 19/20 crop, May to Sep 2020 shipments are 33 K MT (25%) lower than same 5 month period in 2019:
USD 1 = ETB 37.85
Have a peaceful and restful weekend.
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