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According to Bloomberg, coffee futures in New York have surged to their highest levels since 1997, driven by fears of crop shortfalls in major producing countries.
This spike could further increase costs for coffee roasters and consumers alike, as producers and distributors are responding by raising prices and cutting discounts to maintain margins.
Arabica rose as much as 2.7% on Monday, 25 November, bringing the total increase in arabica futures to 64% in 2024. Meanwhile, robusta, the more affordable coffee used in instant beverages, recently reached its highest price since the 1970s.
Bloomberg stated that the steep rise in coffee prices reflects persistent supply challenges in key markets such as Brazil and Vietnam.
There is increasing concern about reduced coffee supplies from Brazil, the world’s largest producer, due to a prolonged drought that has damaged coffee trees and is expected to impact output in the upcoming season.
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