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Coffee prices close 2022 on a stable note: ICO report

International Coffee Organization’s December 2022 market report

The International Coffee Organization’s (ICO) December 2022 market report shows its Composite Indicator Price (I-CIP) gained 0.3 per cent from November to December 2022, averaging 157.19 US cents per pound for the latter, whilst posting a median value of 157.73 US cents per pound.

Average prices for all group indicators remained stable, with a slight increase in December 2022.

Intra-day volatility of the I-CIP decreased 0.2 percentage points between November and December 2022, reaching 9.1 per cent.

The New York certified stocks increased by 46.6 per cent from the previous month, closing in at 0.87 million 60-kilogram bags, whilst certified stocks of Robusta coffee reached 1.08 million 60-kilogram bags, representing a decrease of 25.5 per cent.

Global green bean exports in November 2022 totalled 9.21 million bags, as compared with 8.31 million bags in the same month of the previous year, up 10.8 per cent.

Green bean exports of the Brazilian Naturals bounced back sharply in November 2022, rocketing up by 34.5 per cent to 3.67 million bags.

Green bean exports of Robustas amounted to 3.58 million bags in November 2022, as compared with 3.17 million bags in November 2021.

In November 2022, South America’s exports of all forms of coffee increased by 4.7 per cent to 4.96 million bags.

Exports of all forms of coffee from Asia and Oceania increased by 19 per cent to 3.78 million bags in November 2022.

Total exports of all forms of coffee from Africa increased by 6.8 per cent to 1.09 million bags in November 2022 from 1.02 million bags in November 2021.

In November 2022, exports of all forms of coffee from Mexico and Central America were down 7.1 per cent to 0.41 million bags as compared with 0.45 million in November 2021.

The latest provisional estimate for total production in coffee year 2021/22 remains unchanged at 167.2 million bags, a 2.1 per cent decrease as compared to 170.83 million bags in the previous coffee year.

World coffee consumption is projected to grow by 3.3 per cent to 170.3 million 60-kilogram bags in 2021/22 as compared to 164.9 million for coffee year 2020/21. In 2021/22, consumption is estimated to exceed production by 3.1 million bags.

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