Moving Up
Global coffee prices rise 4.3% on month to 236.54 cents per pound in Jul
This story was originally published at 16:40 IST on 6 August 2024
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NEW DELHI – Global coffee prices rose 4.3% from a month ago to 236.54 cents a pound in July, according to the International Coffee Organization's composite indicator of prices. During the month, the composite indicator moved between 224.77 cents and 251.68 cents a pound, with a median value of 237.05 cents a pound, the organisation said in a report.
The average price of the Robusta variety saw the highest rise in July with a 5.1% on-month increase to 214.72 cents a pound. The average price of Brazilian Naturals rose 4.6% to 239.70 cents a pound. The price of Colombian Milds increased 3.0% to 257.82 cents a pound and that of Other Milds rose 3.5% to 257.10 cents a pound in July. The arbitrage between the London and New York Futures markets contracted 6.7% to 40.69 cents a pound in July, the report said.
Global green beans exports in June rose 3.8% on year to 9.78 mln bags (1 bag = 60 kg). Green beans exports of Robustas fell 12.7% on year to 3.3 mln bags in June. Green beans exports of Brazilian Naturals and Colombian Milds rose 22.3% and 26.0% on year to 3.1 mln bags and 1.04 mln bags, respectively. Green beans exports of Other Milds rose 2.4% on year to 2.34 mln bags in June, the report said. Total exports of soluble coffee increased 6.5% on year to 940,000 bags in June from 850,000 bags.
Exports from South America rose 34.7% on year to 4.85 mln bags in June, amid good harvests in Brazil, the report said. African exports rose 31.6% on year to 1.75 mln bags, with Uganda and Ethiopia driving forces behind the region's export growth in June. Exports from Mexico and Central America declined 4.2% to 1.76 mln bags. Also, exports from Asia and Oceania fell 33% on year to 2.43 mln bags in June.
Global coffee production in the ongoing 2023-24 (Oct-Sep) is expected to increase to 178 mln bags, up from 168.2 mln bags the previous year, the report said. Consumption of coffee in 2023-24 is expected to rise 2.2% on year to 177 mln bags. The world coffee market is likely to see a year of surplus supply in 2023-24, of 1 mln bags, the report said. End
US$1 = 83.94 rupees
Reported by Afra Abubacker
Edited by Saji George Titus
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