The International Coffee Organisation (ICO) has released its January 2024 market report, which shows its Composite Indicator Price (I-CIP) increasing for the third consecutive month.
The I-CIP averaged 176 US cents per pound in January, a 0.4 per cent increase from December 2023. It posted a median value of 173.90 US cents per pound, having fluctuated between 171.08 and 185.54 US cents per pound.
Intra-day volatility of the I-CIP remained stable at 10.1 per cent between December and January.
Colombian Milds and Other Meds decreased by 2.4 per cent and 3.5 per cent to 205.62 and 203.30 US cents per pound respectively.
Arbitrage, as measured between the London and New York futures markets, retracted by 24.8 per cent to 47.22 US cents per pound in January.
Global green bean exports in December 2023 totalled 10.87 million mags as compared to 9.66 million bags in the same month of the previous year, representing an increase of 12.6 per cent.
Exports of roasted beans were down 15.0 per cent in December 2023 to 54,560 bags, compared to 64,204 bags in December 2022.
Total exports of soluble coffee increased by 25.7 per cent in December 2023 to 1.24 million bags, compared to 0.99 million bags in December 2022.
World coffee production increased by 0.1 per cent to 168.2 million bags in coffee year 2022/23, and is anticipated to increase by 5.8 per cent to 178.0 million bags in coffee year 2023/24.
World coffee consumption was expected to increase by a small positive growth rate in coffee year 2022/23, however it recorded a decrease of 2.0 per cent to 173.1 million bags. But a rebound is predicted for coffee year 2023/24 with consumption set to increase by 2.2 per cent to 177.0 million bags.
The ICO projects the world coffee market is expected to run a surplus of 1.0 million bags in coffee year 2023/24.
To access the full market report, click here.
