The International Coffee Organisation (ICO) has been meeting in London, to discuss the current world shortage and a sharp increase in prices.
SV PAN FROM: Post office tower to International Coffee Headquarters building, London, England.
GV AND SV INTERIOR: internation coffee meeting in progress, with Executive Director addressing meeting. (2 shots)
SV: British and Ugandan delegates listening.
SV: Angolan delegate
SV: Australian delegate listening.
CU: U.S. delegate
SV: Columbian delegate Juan Santos and Brazilian representative Marcello Raffaelli.
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Background: The International Coffee Organisation (ICO) has been meeting in London, to discuss the current world shortage and a sharp increase in prices. The ICO decided to carry out a world study on production, consumption, and stocks -- and will meet again next month (February) to discuss a proposal by Columbia that prices be frozen.
SYNOPSIS: The two-day meeting, held at ICO's permanent headquarters in the British capital, was originally a routine conference. But following in the wake of crop failures and political disruption among coffee producers, it found itself in the middle of a crisis. The meeting heard a report on last year's poor export figures -- which were only achieved anyway at the expense of running down existing stockpiles.
Last year, part of the landlocked Ugandan crop failed to reach world markets after a border-closure dispute with neighbouring Kenya. The Angolan crop was severely disrupted by the civil war there, and Brazil suffered a major frost disaster. World prices have been further complicated by intricate market manoeuvrings -- and it appears that expensive coffee could be here to stay for several years.