EXC Floor Gives New Blend to Coffee Trading
The former Coffee and Tea Authority’s Auction Centre, located in Nifas Silk Lafto District, Aday Abeba area, which used to be a very busy market centre for daily coffee auctions. Early last week, however, there was a great change as the centre has now become a quiet place.
Previously a meeting point for 200 to 300 buyers and sellers, especially during coffee market peak seasons, the presence of only a few people milling around is quite surprising. This change has been brought about because as of December 2, 2008, coffee transactions are now taking place at the Ethiopian Commodity Exchange (ECX) in Cheleleq Al-Sam Building, located off the Chad Street.
“This used be a very busy spot,” Getachew Tefera, an employee of the previous auction center, who worked with coffee since 1983, told Fortune.