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I-CIP remains firm and stabilises: ICO report

International Coffee Organization’s September 2022 market report

The International Coffee Organization’s (ICO) September 2022 market report shows its Composite Indicator Price (I-CIP) decreased by 12.3 per cent from October to November 2022, averaging 156.66 US cents per pound for the latter, whilst posting a median value of 156.83 US cents per pound.

Average prices for all group indicators decreased in November 2022.

Intra-day volatility of the I-CIP increased 2.2 percentage points between October and November 2022, reaching 9.3 per cent.

The New York certified stocks increased by 45.3 per cent from September 2022, closing in at 0.59 million bags, whilst certified stocks of Robusta coffee reached 1.45 million bags, a decrease of 4.6 per cent.

Global exports of green beans in October 2022 totalled 8.5 million bags, compared with 8.72 million bags in the same month of the previous year, down by 2.5 per cent.

Total exports of soluble coffee increased by 10.9 per cent in October 2022 to 1.19 million bags from 1.07 million bags in October 2021. Exports of roasted beans decreased by 18.0 per cent in October 2022 to 61,226 bags from 74,697 bags in October 2021.

In October 2022, South America’s exports of all forms of coffee decreased marginally by 0.2 per cent to 4.99 million bags.

Exports of all forms of coffee from Asia and Oceania totalled 3.17 million bags in October 2022, 10,000 bags higher than in October 2021.

Exports of all forms of coffee from Africa decreased by 2.4 per cent to 1.1 million bags in October 2022 from 1.13 million bags in October 2021.

In October 2022, exports of all forms of coffee from Mexico and Central America were down 14.6 per cent to 0.49 million bags as compared with 0.57 million in October 2021.

The latest provisional outlook for total production in coffee year 2022/23 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 2022/23 as compared to 164.9 million for coffee year 2020/21. In 2022/23, consumption is expected to exceed production by 3.1 million bags.

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