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Informist, Wednesday, Jan. 8, 2025

 

MUMBAI – Global coffee prices rose 10.7% on month to 299.61 cents a pound in December, as per the International Coffee Organization's composite indicator of prices. During the month, the composite indicator fluctuated between 277.71 cents a pound and 312.77 US cents a pound, the organisation said in its monthly report.

 

The price of Colombian Milds rose 11.4% on month to 341.00 cents a pound in December, and that of Other Milds rose 12.6% on month to 343.34 cents a pound. Brazilian Naturals appreciated 14.5% on month to 326.97 cents a pound, while Robustas grew 4.7% to 236.73 cents a pound. The New York Intercontinental Exchange market was the main driver of growth, with coffee contracts increasing by 14.4% in December to reach 317.00 cents per pound, whereas on the London Intercontinental Exchange market, the contracts rose 5.5%, averaging 226.28 cents per pound, according to the report. The arbitrage, as measured between the London and New York futures markets, expanded 44.9% to 90.72 cents per pound in December, marking its highest point in 27 months, the organisation said.

 

Global green beans exports in November fell 0.4% on year to 9.7 million bags (1 bag = 60 kg), from 9.73 million bags in the same month of the previous year, the report said. Green bean exports of Robustas fell 17.3% to 3.11 million bags in November from 3.76 million bags in the same month in 2023. Green bean exports of Brazilian Naturals increased in November, rising by 12.1% to 4.06 million bags from 3.63 million bags in the corresponding period last year, according to the report.

 

Exports of Colombian Milds rose 13.1% to 1.24 million bags in November from 1.1 million bags a year ago, the report said. Shipments of Other Milds rose 2.5% in November to 1.28 million bags from 1.25 million bags in the same period last year. The shallow growth was a reflection of the confluence of, on the one hand, the strong positive growth rates in Costa Rica, Ethiopia, India, and Mexico, whose combined exports were up 94.5% to 37,000 bags as compared with 19,000 bags in November 2023, and, on the other, the negative growth of Honduras, Papua New Guinea, Peru, and Uganda, whose combined exports were down 20.0% to 68,000 bags from 85,000 bags in November 2023, according to the report.

 

Total exports of soluble coffee increased by 37.9% in November to 1.11 million bags from 800,000 bags in the corresponding period last year, the organisation added.

 

Exports of all forms of coffee from Asia and Oceania decreased by 12.0% to 2.76 million bags in November, while those from Africa increased by 24.5% to 1.28 million bags from 1.03 million bags a year ago. South America's exports of all forms of coffee increased by 6.0% to 6.43 million bags and exports of all forms of coffee from Mexico and Central America increased by 5.2% to 39,000 bags, compared with 37,000 bags last year, as per the report.

 

Global coffee production in the coffee year 2023-24 (Oct-Sep) is expected to have increased to 178 million bags, up from 168.2 million bags the previous year, according to the report. Consumption of coffee in 2023-24 is expected to have risen 2.2% on year to 177 million bags, leaving the global coffee market with a surplus of 1 million bags.  End

 

US$1 = INR 85.84

 

Reported by Taniva Singha Roy

Edited by Rajeev Pai

 

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