Coffee prices rise amid low exports
Global coffee market rose slightly as a result of a recovery in Robusta prices -a new International Coffee Organisation (ICO) report has said.
The gain would be a welcome relief for Uganda, given that the country could use its well advantaged position of Robusta production to strengthen its currency against the dollar.
The ICO report for June indicated low exports due to weak volumes from Brazil.
“The weakness of the Brazilian production is affecting prices, with the new 2015/16 crop expected to come to market in the near future”.
The ICO daily price for composite ranged from a high of $127.83 to a low of $122.05 cents of a dollar over the course of June, with the monthly average settling on $124.97 cents, indicating a 1.2 per cent higher than May.