“Prices for Arabica, the premium coffee bean, rose 3.1% to the highest level since 1977.”, — write: epravda.com.ua
Prices for Arabica, the premium coffee bean, rose 3.1% to the highest level since 1977. This is reported by Bloomberg. Arabica rose 2.3% to $3.158 a pound in New York. This year it jumped by almost 70%. Robusta coffee futures in London have also soared this year, up about 85%.Advertisement: Coffee futures extended their surge in New York to their highest level in four decades as poor harvests in the two largest world coffee producers – Brazil and Vietnam.Advertisement: The key coffee belt was hit by drought during the coffee growing season, with heavy rains at the start of the harvest. Across the coffee supply chain, sellers have raised prices and eliminated discounts to protect their margins. Nestle SA, the world’s largest coffee producer, said in November it would raise prices and reduce packaging to cushion the impact of more expensive beans. Recall: Coffee is rising in price as supplies dwindle and the weather worsens in Brazil.
