Market Reports

Robustas reach 45-year high: ICO report

ICO April 2024 market report

The International Coffee Organization’s (ICO) April 2024 market report shows its Composite Indicator Price (I-CIP) averaged 216.89 US cents per pound in April, a 16.4 per cent increase from March 2024. The I-CIP posted a median value of 221.99 US cents per pound, having fluctuated between 193.39 and 235.50 US cents per pound.

The I-CIP grew steadily in April 2024, reaching a 13-year high. The Colombian Milds and Other Milds increased by 15.0 per cent and 14.8 per cent, reaching 241.80 and 239.73 US cents per pound, respectively, in April 2024.

Following a similar trend to the I-CIP, the Robustas price rose 16.8 per cent to 193.65 US cents per pound in April 2024, its highest level in 45 years since July 1979, when it averaged 195.90 US cents per pound.

The Arabica and Robusta arbitrage expanded by 16.3 per cent in April 2024 to 41.93 US Cents per pound from 36.06 US Cents per pound in March 2024.

Intra-day volatility of the I-CIP increased by 0.9 percentage points to 8.0 per cent between March and April 2024.

The London certified stocks expanded by 27.4 per cent to 0.63 million 60-kg bags. Certified stocks of Arabica coffee reached 0.64 million 60-kg bags, a 1.7 per cent increase since March 2024.

Global green bean exports in March 2024 totalled 11.87 million bags, as compared with 10.85 million bags in the same month of the previous year, up 9.4 per cent.

Shipments of the Other Milds decreased by 1.6 per cent in March 2024 to 2.19 million bags from 2.22 million bags in the same period last year.

Green bean exports of the Brazilian Naturals increased in March 2024, rising by 19.0 per cent to 3.57 million bags from 3.0 million bags in March 2023.

Exports of the Colombian Milds increased by 12.8 per cent to 1.07 million bags in March 2024 from 0.95 million bags in March 2023.

Green bean exports of the Robustas were up 7.8 per cent to 5.04 million bags in March 2024 from 4.68 million bags in March 2023.

In March 2024, exports of all forms of coffee, from Asia and Oceania decreased by 9.7 per cent to 4.54 million bags; from Africa increased by 12.6 per cent to 1.19 million bags from 1.06 million bags in March 2023; from South America increased by 33.1 per cent to 5.49 million bags; and from Mexico and Central America were down 1.9 per cent to 1.78 million bags, as compared with 1.82 million in March 2023.

Total exports of soluble coffee decreased by 4.8 per cent in March 2024 to 1.06 million bags from 1.11 million bags in March 2023.

Soluble coffee’s share in the total exports of all forms of coffee for the year to date was 8.9 per cent in March 2024, down from 9.5 per cent in the same period a year ago.

Exports of roasted beans were up 11.5 per cent in March 2024 to 68,467 bags, as compared with 61,396 bags in March 2023.

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