ICO chief says ‘concerned’ about long-term world coffee supplies

The head of the International Coffee Organization (ICO) said on Tuesday that he was “concerned” about global coffee supplies over the next five years because of low prices and climate change.

“In many countries, prices are not considered remunerable,” ICO Executive Director Jose Sette said on the sidelines of the World Coffee Producers Forum in Medellin, Colombia.

Sette said it was difficult to pinpoint a long-term price level that will discourage coffee production, but added that output levels were also at risk due to climate change.

Arabica coffee futures on ICE fell to a 16-month low at $1.155 per lb in June.