News Details

Coffee prices hit the roof on global supply threats


With poor weather, shipping bottlenecks and rising fertiliser costs threatening to constrain coffee supply from Brazil to Vietnam, prices have gone through the roof and hit a seven-year high. Arabica futures for March delivery increased by as much as 4.8 per cent to $2.235 per pound in New York, the highest level since October 2014, according to reports. The surge in futures prices raises the prospect of even higher prices at cafes and grocery stores as food inflation worsens. Brazil’s 2021 output fell sharply as a result of drought and frost damage, and rains will be critical for any recovery in 2022. Colombia is struggling with excessive rains that are reducing yields and increasing the risk of plant disease. Prices are likely to remain high as rising shipping costs eat into profits for producers, exporters, importers, roasters and retailers, the reports added.

 

Source: Exim News Service: Bengaluru, Nov. 24

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