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World Coffee Prices Hit 13-Year High

World Coffee Prices Hit 13-Year High

World coffee prices reached their highest level in the last 13 years, after an increase of 8.9% in June 2024 compared to the previous month, according to the World Coffee Organization (ICO).

The Composite Indicator Price averaged 226.83 US cents (209.49 euro cents) per pound produced, equivalent to around 453 grams.

‘Following the sharp dip and subsequent increase observed in May 2024, the ICO Composite Indicator Price (I-CIP) remained relatively stable and on an upward trend in June 2024,’ the ICO said in a statement. ‘This stability, as compared with May, was due to large adjustments in the previous month, taking the steam out of the market, and leaving it in no mood for further animation so soon.’

Market Prospects

Among other factors, the price increase is linked to current market prospects in the coffee sector, especially the likelihood of poor harvests in Vietnam and Indonesia during the 2024/2025 coffee year. In addition Brazil’s harvest is also set to be lower than expected.

The price increase has affected coffee producing countries in different ways. Colombian mild coffee rose 7.2% from the previous month to 250.39 US cents (231.25 euro cents), while other milds rose 7% to 248.39 US cents (229.37 euro cents).

Brazilian natural coffee rose 9.3% in June, to 229.25 US cents per pound (211.72 euro cents), in a context of rising coffee futures on the London (10.7%) and New York (8.4%) exchanges.

Despite the price increase, global exports of green coffee beans in May totaled 10.7 million 60-kilo bags, an increase of 12% compared to the same month in 2023.

This included a 10.0% rise in Colombian Milds exports (1.01 million bags) and a 1.2% increase in Other Milds (2.57 million bags).

Exports By Region

By region, exports from South America in May increased by 59.6% (5.54 million bags), exports from Asia and Oceania decreased by 39.3% (2.42 million), and exports from Africa increased by 44.8% (1 .74 million).

Elsewhere, exports from Mexico and Central America increased by 0.2% (2 million).

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