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Informist, Friday, Nov. 8, 2024

MUMBAI – Global coffee prices fell 3.2% on month to 250.56 cents a pound in October, according to the International Coffee Organization's composite indicator of prices. During the month, the composite indicator fluctuated between 241.70 cents a pound and 263.96 cents a pound, with a median value of 249.99 cents a pound, the organisation said in a report. 

The price of Colombian Milds fell 0.8% on month to 277.10 cents a pound in October, and that of Other Milds decreased 0.6% to 276.82 cents a pound. Brazilian Naturals depreciated 0.5% to 255.85 cents a pound, while Robustas contracted by 8.3% to 221.93 cents a pound. The arbitrage between the London and New York futures markets expanded 54.2% to 43.50 cents a pound in October, the highest in four months, according to the report.

Green beans exports of Other Milds rose 22.9% on year to 1.92 million bags in September. Total exports of soluble coffee rose 24.3% on year to 1.02 million bags in September. Brazil was the largest exporter of soluble coffee in September, shipping 370,000 bags, it said. Data for exports come with a lag of one month. 

Exports from South America increased 30.8% to 6.2 million bags in September. Brazil and Colombia were the source of the strong growth for the region, the report said. African exports rose 14.3% on year to 1.37 million bags. Exports from Mexico and Central America rose 18.1% on year to 900,000 bags in September, while exports from Asia and Oceania rose 19.6% to 2.29 million bags, it said.

Global coffee production in 2023-24 (Oct-Sep) is expected to increase to 178 million bags, up from 168.2 million bags the previous year, the report said. Consumption of coffee in 2023-24 is expected to rise 2.2% on year to 177 million bags. The global coffee market is likely to see a surplus of 1 million bags in supply in 2023-24, the report said.  End

US$1 = INR 84.37

Reported by Taniva Singha Roy

Edited by Akul Nishant Akhoury

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