Burundi coffee prices dipped at this week's auction, dragged down by turmoil in world commodity and financial markets, the coffee board said on Friday. The state-owned Coffee Board (OCIBU) said the 540 tonnes of various top grades sold at Wednesday's auction netted an average price of $2.38 per kg, down from $2.49 per kg obtained at last week's sale.
"Coffee and other commodities are now affected by the world financial crisis. This has of course had a negative impact on local prices," OCIBU said in a report. Growers in the central African country have expressed concern over the impact of the crisis on their coffee earnings. The national farmers' association said this month it was worried that turmoil in global markets will mean lower prices and its members would be unable to pay back $24 million in loans from local banks.
Comments
Comments are closed.