The International Coffee Organization’s (ICO) August 2024 market report shows its Composite Indicator Price (I-CIP) averaged 238.92 US cents per pound in August, a 1.0 per cent increase from July 2024. The I-CIP reported a median value of 239.84 US cents per pound, having fluctuated between 222.58 and 254.12 US cents per pound.
The I-CIP grew steadily and followed a consistent uptrend throughput August 2024 and peaked on 28 August at 254.12 US cents per pound. The Colombian Milds and Other Milds increased by 2.3 per cent and 1.7 per cent, reaching 263.76 and 261.44 US cents per pound, respectively..
The Robustas price remained stable and averaged at 214.68 US cents per pound, staying at its 47-year high for two consecutive months.
The arbitrage measured between the London and New York futures markets increased from 1.7 per cent to 41.37 US cents per pound.
Intra-day volatility of the I-CIP retracted by 0.5 percentage points averaging at 10.9 per cent.
The London certified stocks of Robusta coffee preceded to expand in August 2024 by 2.3 per cent to 1.01 million bags. Certified stocks of Arabica coffee reached 0.91 million 60-kilogram bags, a 4.5 per cent increase versus July 2024.
Global green bean exports in July 2024 totalled at 10.03 million bags, compared with 9.14 million bags in the same month of the previous year, and was up 9.6 per cent.
Shipments of the Other Milds climbed by 6.3 per cent in July 2024 to 2.14 million bags from 2.01 million bags in the same period last year.
Green bean exports of the Brazilian Naturals increased in July 2024, rising by 18.0 per cent to 3.13 million bags from 2.65 million bags in July 2023.
Exports of the Colombian Milds grew by 17.7 per cent to 1.05 million bags in July 2024 from 0.89 million bags in July 2023.
Green bean exports of the Robustas increased by 3.3 per cent to 3.71 million bags in July 2024 from 3.59 million bags in July 2023.
Exports of all forms of coffee, from Asia and Oceania decreased by 8.1 per cent to 2.77 million bags, while in Africa it increased by 34.7 per cent to 1.9 million bags from 1.41million bags in July 2023.
In South America, exports increased by 26.0 per cent to 5.24 million bags. Drom Mexico and Central America, exports were down 7.1 per cent to 1.38 million bags, compared to 1.48 million in July 2023.
Total exports of soluble coffee were up by 38.8 per cent in July 2024 to 1.2 million bags from 0.86 million bags in July 2023.
Soluble coffee’s share in the total exports of all forms of coffee for the year to date was 9.2 per cent in July 2024, with no change since July 2023.
Exports of roasted beans were up 13.0 per cent in July 2024 to 60,651 bags, as compared with 53,655 bags in July 2023. The cumulative total for the coffee year of 2023/24 to July 2024 is 0.6 million bags, in contrast with 0.59 million bags in the same period a year ago.
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