The International Coffee Organisation’s (ICO) market report for November 2023 shows its Composite Indicator Price (I-CIP) increased by 6.3 per cent from October, averaging 161.63 US cents per pound.
The I-CIP has remained stable around the 160 US cents per pound mark, with daily price variation declining on average for the October 2022 to November 2023 range.
Intra-day volatility of the I-CIP was raised to 8 per cent between October and November 2023.
Exports of roasted beans were down 20.4 per cent to 49,185 bags in October 2023 compared to 61,781 bags in October 2022.
Arbitrage, as measured between the London and New York Futures markets, widened by 18.4 per cent to 59.81 US cents per pound in November 2023.
Global exports of green beans in October 2023 totalled 8.57 million bags, compared with 8.61 million bags in the same time period in 2022.
Of the four coffee groups, the Robustas have recorded the highest contraction in the new coffee year to date, with exports falling by 8 per cent to 2.88 million bags from 3.14 million bags.
Exports of all forms of coffee from Asia and Oceania totalled 2.05 million bags in October 2023, decreasing by 26.7 per cent.
Exports of all forms of coffee from Africa decreased by 1.0 per cent to 1.07 million bags in October 2023 from 1.08 million bags in October 2022.
In October 2023, exports of all forms of coffee from Mexico and Central America were up 0.4 per cent to 0.459 million bags as compared with 0.457 million in October 2022.
Total exports of soluble coffee increased by 16.9 per cent in October 2023 to 0.91 million bags from 0.78 million bags in October 2022.
Soluble coffee’s share in the total exports of all forms of coffee for the year to date was 10.6% in October 2023, up from 9.0 per cent for the same period a year ago.
Exports of roasted beans were down 20.4 per cent in October 2023 to 49,185 bags, as compared with 61,781 bags in October 2022.
World coffee production increased by 0.1 per cent to 168.2 million bags in coffee year 2022/23. Looking ahead, the output for coffee year 2023/24 is expected to increase by 5.8 per cent to 178.0 million bags, with the Arabicas’ output rising to 102.2 million bags and the Robustas’ increasing to 75.8 million bags.
To access the full ICO market report for November 2023, click here.
