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Informist, Thursday, Dec. 12, 2024

 

MUMBAI – Global coffee prices rose 8% on month to 270.72 cents a pound in November, as per the International Coffee Organization's composite indicator of prices. During the month, the composite indicator fluctuated between 241.49 cents a pound and 310.69 cents a pound, with a median value of 269.74 cents a pound, the organisation said in its monthly report.

 

The price of Colombian Milds rose 10.5% on month to 306.21 cents a pound in November, and that of Other Milds rose 10.2% on month to 304.98 cents a pound. Brazilian Naturals appreciated 11.6% on month to 285.59 cents a pound, while Robustas grew 1.9% to 226.11 cents a pound. The arbitrage between the London and New York futures markets expanded 43.9% to 62.60 cents a pound in November, marking its highest point in 11 months, the report said.

 

Global green beans exports in October rose 15.8% on year to 9.95 million bags (1 bag = 60 kg), the twelfth consecutive month of growth, the report said. Green bean exports of Robustas increased 21.6% on year to 3.11 million bags in October. Green bean exports of Brazilian Naturals rose 12.1% on year to 4.18 million bags.

 

Exports of Colombian Milds rose 23.5% on year to 1.14 million bags in October, marking the thirteenth consecutive month of growth for this group of coffee, the report said. Shipments of Other Milds rose 9.7% on year in October to 1.52 million bags, with Ethiopia, Mexico, and Peru being the main drivers of the growth in exports. Total exports of soluble coffee rose 10.3% on year to 1.12 million bags in October. Brazil was the largest exporter of soluble coffee in October, shipping 370,000 bags, it said. Data for exports come with a lag of one month.

 

Exports from South America increased 12.4% to 6.7 million bags in October. Brazil was the main source of the strong growth for the region, the report said. Exports from Africa rose 31.9% on year to 1.46 million bags. Exports from Mexico and Central America rose 8.8% on year to 500,000 bags in October, and exports from Asia and Oceania rose 15.2% to 2.49 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 84.85

 

Reported by Ashutosh Pati

Edited by Tanima Banerjee

 

 

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