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Showing posts from October 23, 2009

Ethiopian Exchange Says Traders Tampering With Coffee

By Jason McLure Bloomberg October 23, 2009 The Ethiopia Commodity Exchange said it’s taking measures to prevent exporters from tampering with coffee beans in order to sell them on the domestic market, where prices are higher than some types of export coffee. “We’ve seen people try to get their coffee under-graded as local,” Eleni Gabre-Madhin, chief executive officer of the Addis Ababa-based exchange, said in a telephone interview on Oct. 22. “We’ve seen export coffee come in with purposely mixed in impurities.” In one case earlier this year, 30 truckloads of export- grade coffee had low-grade beans dumped into them, she said. Sanctions imposed by the exchange include suspending traders’ membership, while some graders at the exchange have been fired, she said. Ethiopia, Africa’s largest coffee producer, grows about 300,000 metric tons of the beans annually and consumes about half that amount domestically. Government regulations require that the highest-quality beans be expor...

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