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The International Coffee Organization’s (ICO) November 2024 report revealed its Composite Indicator Price (I-CIP) averaged 270.72 US cents per pound in November, an 8 per cent increase from October 2024.
Additionally, the Colombian Milds and Other Milds increased by 10.5 per cent and 10.2 per cent, reaching 306.21 and 304.98 US cents per pound, respectively, in November 2024.
The Colombian Milds–Other Milds differential grew from 0.28 to 1.24 US cents per pound between October and November 2024.
The arbitrage, as measured between the London and New York futures markets, expanded 43.9 per cent to
62.60 US cents per pound in November 2024, marking its highest point in 11 months.
The intra-day volatility of the I-CIP contracted by 1.5 percentage points, averaging 9.5 per cent in November 2024.
Meanwhile, the London certified stocks of Robusta coffee declined by 1.8 per cent from October to November 2024, closing the month at 0.65 million bags. Certified stocks of Arabica coffee followed the opposite trend, going up to 0.95 million 60-kilogram bags, a 4.6 per cent increase compared with October 2024.
Furthermore, global green bean exports in October 2024 totalled 9.95 million bags, as compared with 8.6 million bags in the same month of the previous year, up 15.8 per cent.
Exports of the Colombian Milds increased by 23.5 per cent to 1.14 million bags in October 2024 from 0.92 million bags in October 2023.
Meanwhile, shipments of the Other Milds increased by 9.7 per cent in October 2024 to 1.52 million bags from 1.39 million bags in the same period last year.
Green bean exports of the Brazilian Naturals increased in October 2024, rising by 12.1 per cent to 4.18 million bags from 3.72 million bags in October 2023.
Green bean exports of the Robustas were up 21.6 per cent to 3.11 million bags in October 2024 from 2.56 million bags in October 2023.
In terms of regions, exports of all forms of coffee from Asia and Oceania increased by 15.2 per cent to 2.49 million bags in October 2024, while exports from Africa increased by 31.9 percent to 1.46 million bags
from 1.11 million bags in October 2023.
In October 2024, South America’s exports of all forms of coffee increased by 12.4 percent to 6.69 million bags, while Mexico and Central America were up 8.8 per cent to 0.5 millions bags.
Finally, total exports of soluble coffee increased by 10.3 per cent in October 2024 to 1.12 million bags from 1.02 million bags in October 2023, while exports of roasted beans were down 0.4 per cent to 59,539 bags, as compared with 59,801 bags.
The post I-CIP returns to an upward trajectory in November: ICO Report appeared first on Global Coffee Report.
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