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The International Coffee Organization’s (ICO) December 2024 report revealed the ICO Composite Indicator Price (I-CIP) averaged 299.61 US cents per pound in December, a 10.7 per cent increase from November 2024.
Additionally, the Colombian Milds and Other Milds increased by 11.4 per cent and 12.6 per cent, reaching 341.00 and 343.34 US cents per pound respectively, in December 2024.
Meanwhile, the Colombian Milds–Other Milds differential shrank from 1.24 to -2.34 US cents per pound between November and December 2024.
The arbitrage, as measured between the London and New York futures markets, expanded 44.9 per cent to
90.72 US cents per pound in December 2024, marking its highest point in 27 months.
The intra-day volatility of the I-CIP grew by 4.6 percentage points, averaging 14.1 per cent in December 2024.
The London certified stocks of Robusta coffee increased by 13.3 per cent from November to December 2024, closing the month at 0.73 million bags. Certified stocks of Arabica coffee followed the same trend, going up to 1.03 million 60-kilogram bags, a 7.8 per cent increase versus November 2024.
Furthermore, global green bean exports in November 2024 totalled 9.7 million bags, as compared with 9.73 million bags in the same month of the previous year, down 0.4 per cent.
Exports of the Colombian Milds increased by 13.1 per cent to 1.24 million bags in November 2024 from 1.1 million bags in November 2023. Shipments of the Other Milds increased by 2.5 per cent in November 2024 to 1.28 million bags from 1.25 million bags in the same period last year.
Similarly, green bean exports of the Brazilian Naturals increased in November 2024, rising by 12.1 per cent to 4.06 million bags from 3.63 million bags in November 2023. However, exports of the Robustas were down 17.3 per cent to 3.11 million bags in November 2024 from 3.76 million bags in November 2023.
In terms of exports by region, Asia and Oceania decreased by 12 per cent to 2.76 million bags in November 2024 while Africa increased by 24.5 per cent to 1.28 million bags in November 2024 from 1.03 million bags in November 2023.
Meanwhile, South America increased by 6 per cent to 6.43 million bags, while Mexico and Central America increased by 5.2 per cent to 0.39 million bags, as compared with 0.37 million in November 2023.
Finally, total exports of soluble coffee increased by 37.9 per cent in November 2024 to 1.11 million bags from 0.8 million bags in November 2023, while exports of roasted beans were down 19.3 per cent in November 2024 to 54,243 bags, as compared with 67,174 bags in November 2023.
The post I-CIP closes 2024 up 40 per cent: ICO Report appeared first on Global Coffee Report.
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