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Informist, Tuesday, Oct. 8, 2024

 

MUMBAI – Global coffee prices rose 8.4% from a month ago to 258.9 cents a pound in September, according to the International Coffee Organization's composite indicator of prices. During the month, the composite indicator fluctuated between 241.2 cents a pound and 272.7 cents a pound, with a median value of 264.57 cents a pound, the organisation said in a report. Strong consumer demand, a rise in climate-related irregularities, and disruption in shipping routes due to geopolitical tensions in West Asia supported prices, it said.

 

The price of Colombian Milds rose 5.9% on month to 279.27 cents a pound in September, and that of Other Milds increased 6.5% to 278.52 cents a pound. Brazilian Naturals appreciated 6.2% to 257.24 cents a pound, while Robustas outperformed other groups of coffee by rising 12.8% to 242.08 cents a pound. The arbitrage between the London and New York futures markets contracted 31.8% to 28.21 cents a pound in September, the lowest since March 2003, according to the report.

 

Global green beans exports in August rose 8.8% on year to 9.91 million bags (1 bag = 60 kg), the tenth consecutive month of growth, the report said. Green beans exports of Robustas increased 14.3% on year to 3.84 million bags. Robustas was the main group responsible for the overall strong growth seen in August, accounting for 59.8% of the net gain of 800,000 bags in total exports. Green beans exports of Colombian Milds rose 26.7% on year to 1.05 million bags in August, while those of Brazilian Naturals fell 0.2% to 3.03 million bags.

 

Green beans exports of Other Milds rose 5.6% on year to 1.99 million bags in August. Total exports of soluble coffee rose 13.3% on year to 1.22 million bags in August. Brazil was the largest exporter of soluble coffee in August, shipping 330,000 bags, it said.

 

Exports from South America increased 8.6% to 5.41 million bags in August. Colombia was the source of the strong growth for the region, the report said. African exports rose 29.5% on year to 1.75 million bags. Exports from Mexico and Central America fell 28.7% on year to 830,000 bags in August, while exports from Asia and Oceania rose 6.2% to 2.93 million bags, it said.

 

Global coffee production in 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 global coffee market is likely to see a surplus of of 1 mln bags in supply in 2023-24, the report said.  End

 

US$1 = INR 83.95

 

Reported by Ashutosh Pati

Edited by Avishek Dutta

 

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