1、 Despite conflict in Europe, the Composite Indicator Price increased for 17 straight months in February 2022. In response to the outbreak of a military conflict involving Russia and Ukraine on 24 February, the average New York and London futures market prices for coffee fell by 3.1%, the largest dai

2、ly decrease since 30 July 2021, when it dropped by 6.9%. The ICO Composite Indicator Price also decreased, falling by 3.7%, the biggest downturn since 20 December 2021. However, the ICO Composite Indicator Price (CIP) rose to 210.89 US cents/lb, a 3.2%, increase month-on-month, in February 2022. Thi

3、s marks 17 consecutive months of increase. In 2020, Russia and Ukraine consumed 6.26 million 60-kg bags of coffee, accounting for 3.8% of the global consumption. The conflict has driven the oil prices sharply upwards, with the Brent Crude price reaching US$127.98/barrel on 8 March from US$96.84/barr

4、el on 23 February. More significantly, Russia supplies 20% of the global seaborne ammonia market and disrupted supplies could impact the price of fertilisers, which ultimately could determine higher input costs for coffee farmers from around the world, and to higher coffee prices. Coffee exporters a

5、re already starting to face logistical difficulties, with an exporter reported as having several containers of Honduran coffee stranded in international waters. Moreover, the global economic outlook for 2022 has already been cut by some public and private institutions, including the International Mo

6、netary Fund. However, it is too early to fully assess the impact of the conflict on the coffee markets of Russia and Ukraine, and on the global coffee industry. Global exports in January 2022 totalled 10.86 million bags, as compared with 10.64 million bags in January 2021. Total exports of roasted c