The monthly average of the ICO composite indicator rose by 7.1% to 99.97 US cents/lb in June 2019, which is the first increase in the monthly average since January 2019. In May 2019, world coffee exports rose by 19.4% to 11.6 million bags compared to May 2018 while exports in the first eight months of coffee year 2018/19 rose by 7.5% to 86.57 million bags. Demand for coffee appears to be strong as imports by ICO importing Members and the United States, which account for around 75% of global imports, increased by 4.9% to 66.56 million bags in the first six months of coffee year 2018/19. Global coffee consumption is estimated to grow by 2% to 164.64 million bags in coffee year 2018/19. Despite the ongoing demand growth, a global production surplus of 3.11 million bags is expected in coffee year 2018/19.
The ICO composite indicator averaged 99.97 US cents/lb in June 2019, 7.1% higher than in May 2019. This was the first increase in the monthly average since January 2019, when prices rose by 0.9% to 101.56 US cents/lb. The daily composite indicator ranged between 95.17 US cents/lb on 18 June and 105.25 US cents/lb on 28 June. The daily price rose above 100 US cents/lb for the first time since 18 February 2019 on 30 May and remained above that level on 9 out 20 days during the month of June.
