The average arbitrage in November, as measured on the New York and London futures markets, rose by 17.8% to 62.05 US cents/lb Stocks of certified Arabica increased by 8.6% to 1.52 million bags in December 2020, which is the third consecutive month of increase. Certified Robusta stocks amounted to 2.31 million bags, 3.1% higher than in November 2020.
The volatility of the ICO composite indicator price increased by 1.9 percentage points to 8.4% as the volatility for all Arabica indicators increased, while the volatility for Robusta prices was 6.1%, unchanged from November 2020. The volatility for Colombian Milds rose by 2.4 percentage points to 8.6%, for Other Milds by 2.2 percentage points to 9.2%. and for Brazilian Naturals by 2.8 percentage points to 12.2% in December 2020.Global exports in November 2020 reached 10.15 million bags, which represents an increase of 5.7% compared to November 2019. Robusta shipments totalled 3.31 million bags, 10.7% lower than in November 2019 when they reached a record 3.7 million bags. Shipments of Arabica rose by 16% to 6.84 million bags. Brazilian Naturals saw the largest increase, growing 29.9% to 4.21 million bags, reflecting the on-year Arabica crop from Brazil. Colombian Milds increased by 3.6% to 1.32 million bags, as exports from Colombia grew by 8.8% to 1.26 million bags despite lower production in November 2020 compared to November 2019. However, shipments of Other Milds fell by 5.1% to 1.3 million bags as exports from Honduras dropped 48% to 55,500 bags. In the first two months of coffee year 2020/21, total exports were 6.5% higher at 20.2 million bags, compared to 18.97 million bags for the same period last year. Shipments for all groups declined except Brazilian Naturals, which rose by 23.1% to 8.31 million bags. Exports of Colombian Milds decreased by 4.5% to 2.48 million bags, Other Milds fell by 5% to 2.75 million bags, and Robusta declined by 1% to 6.66 million bags. This growth came primarily from shipments of green Arabica, which reached 12.56 million bags, 11.9% higher than the first two months of coffee year 2019/20. Green Robusta exports increased by 1.1% to 5.79 million bags. In contrast, exports of roasted coffee from producing countries fell by 5.5% to 103,800 bags, and shipments of soluble coffee decreased by 8.2% to 1.75 million bags.