MILAN – Coffee stocks in major European ports are depleting, data from the European Coffee Federation (Ecf) show. Figures from the Ecf include ICE certified stocks as well as non-exchange stocks. The figures are supplied by warehousing and port organisations in Europe covering the ports of Antwerp, Hamburg, Le Havre, Barcelona, Trieste, Genoa, Napoli, Tallin, London, Felixstowe, and Bremen (partly).
The stocks have been broken down in three categories: Robusta, Natural Arabica (includes Brazil Semi-Washed) and Washed Arabica.
Data show a constant decline in coffee stocks, from 703,478 tons on January 31st 2023 to 437,059 tons (7,284,317 bags) on December 31st, down 37.9% over the period.
The biggest decrease is seen in Natural Arabica, down to 129,668 tons (2,161,133 bags), from 237,957 tons in January (-45.6%).
Robustas also recorded a sharp fall (-43.6%) to 144,559 tons (2,409,316 bags). Volumes of Washed Arabica were 22.2% down to 162,833 tons or 2,713,883 bags.
There has been a quiet start to the month in the coffee markets, after the rally at the end of January.
Yesterday, on Thursday, February 1st, Ice Arabica concluded the day with minimal gains, whereas Ice Robusta retreated for the second consecutive day, reversing below the threshold of 3,300 dollars.
In New York, the main contract for March delivery rose 15 points to end the day at 194.20 cents per lb.
Gains were limited, after Brazil exporter group Comexim raised its Brazil 2023/24 coffee export estimate to 44.9 million bags from a previous estimate of 41.5 million bags.
Dry weather conditions in Brazil are supporting Arabica coffee prices.
According to I. & M. Smith, the month of January has reported improved weather conditions for the main coffee districts in Southeast Brazil, with good rains having been reported across the main coffee growing areas, with sporadic rainfall predicted to continue into the next week.
The Brazil Carnival holidays will take place from the 9th February until the 17th February, traditionally a quiet week of trade for Brazil for this largest producer and exporter of coffee to consumer markets.
London lost $18 to close at $3,287, down from recent contract highs.
