The ICO Composite Indicator Price explained: how it tracks arabica and robusta for origin pricing
By Sandra Nansbuga
ICO Composite Indicator Price: how the I-CIP tracks arabica and robusta for origin pricing
The ICO Composite Indicator Price, or I-CIP, is the daily blended benchmark the International Coffee Organization publishes by weighting four separate group indicator prices: Colombian Mild Arabicas, Other Mild Arabicas, Brazilian and Other Natural Arabicas, and Robustas. For a robusta exporter in Uganda, the practical takeaway is that the I-CIP is a headline average, while the Robustas group indicator is the direct reference that sits beneath it and moves Ugandan origin pricing.
How the I-CIP is built
The procedures are set out in the ICO's Rules on Statistics: Indicator Prices, approved by the International Coffee Council on 16 April 2021 and in force from 1 May 2021. Under these rules, prices are collected from two main markets, the United States and Europe (comprising France and Germany), expressed in US cents per pound of green coffee and stated on a differential basis to the New York and London futures exchanges, as appropriate. Quotations are sought from at least three traders and brokers for each specified growth in each market.
The data providers quote ex-dock prompt shipment prices on each physicals market. Each market day the Organization calculates the arithmetic mean of the quoted prices, applies missing-data rules where a growth is not quoted, and then blends the four groups into the ICO Composite Indicator Price, published after the data are received, verified and validated.
The four groups and Uganda's place in them
Each group covers a defined set of reference growths quoted in the USA and/or European markets. A comparison table keeps the structure clear:
| Group | Representative growths | Where quoted | ICIP weight from 1 Oct 2024 |
|---|---|---|---|
| Colombian Mild Arabicas | Colombian Excelso | USA and Germany | 10.1% |
| Other Mild Arabicas | Costa Rica, Guatemala, Honduras, Mexico, El Salvador | USA, Germany, France | 20.5% |
| Brazilian and Other Natural Arabicas | Brasil Santos | USA and Germany | 32.0% |
| Robustas | Indonesia EK Grade 4, Uganda Standard, Vietnam Grade 2, Côte d'Ivoire Grade 2 | USA, Germany, France | 37.4% |
Uganda features directly: Uganda Standard robusta is a named reference growth within the Robustas group, quoted in both the USA and France markets alongside Indonesian, Vietnamese and Ivorian grades. Because Uganda Standard is one of the physical growths the ICO tracks, the Robustas group indicator is the closest official benchmark for Ugandan green robusta, rather than the blended composite.
Reading the weightings for Ugandan lots
Per the ICO document ICO composite and group indicator prices: share of markets and group weightings, the Robustas group carries the single largest share of the composite, 37.4%, effective from 1 October 2024, ahead of Brazilian Naturals at 32.0%, Other Milds at 20.5% and Colombian Milds at 10.1%. Robustas now dominate the blend, which means a shift in robusta physical prices moves the I-CIP materially, a dynamic that matters when a large share of the composite rests on the group Uganda sells into.
For context, the daily indicator sheet for September 2026 (through 11 September) shows the I-CIP averaging 269.46 US cents per pound while the Robustas group averaged 170.15 US cents per pound, a spread that illustrates how far the composite sits above the robusta reference. Exporters and buyers price Ugandan lots primarily off the Robustas group indicator and its differential to London futures, using the I-CIP as the broader market headline rather than the contract basis.
FAQ
Q: What is the ICO Composite Indicator Price?
A: It is the International Coffee Organization's daily benchmark that blends four group indicator prices, Colombian Mild Arabicas, Other Mild Arabicas, Brazilian and Other Natural Arabicas, and Robustas, weighted by recent trade patterns. It is published daily by the ICO after the group prices are validated.
Q: Does the I-CIP cover Uganda robusta directly?
A: Uganda Standard robusta is a named reference growth within the ICO's Robustas group, quoted in the USA and France markets. The Robustas group indicator therefore reflects Ugandan growths alongside Indonesian, Vietnamese and Ivorian grades, and is the closer benchmark for Ugandan lots than the blended composite.
Q: How should exporters read the I-CIP versus the Robustas indicator?
A: Use the Robustas group indicator and its differential to London futures as the pricing reference for Ugandan robusta, and treat the I-CIP as the headline market average. As of 1 October 2024, robusta carries the largest single weight in the composite at 37.4%, so robusta moves have an outsized effect on the I-CIP itself.
Sources: ICO Rules on Statistics: Indicator Prices | ICO Composite Indicator Price (I-CIP) | ICO Share of markets and group weightings (JC-03/24 Rev.1)