Washington – (dpa) – The prices of Arabica coffee futures contracts rose in the trading of the New York Mercantile Exchange to its highest level in nearly 7 years, in light of the factors that led to the rise in prices, ranging from unfavorable weather conditions that caused great damage to crops to to the disruption of shipping traffic.
And the Bloomberg news agency indicated today, Tuesday, that the coffee fields in Brazil, the largest exporter of coffee in the world, were exposed to the worst weather conditions in decades, which led to significant damage to crops, which could affect production for years to come. Meanwhile, coffee growers in Colombia, the world’s largest exporter of light Arabica coffee, have refused to implement supply contracts for their crop. Quantities that will not be delivered are likely to reach one million mobiles, adding new chaos to the world’s supply chain.
The prices of the finest coffee have nearly doubled over the past year. The price of coffee rose by 4.4 percent to $1,315 per pound for December delivery on the New York Stock Exchange, its highest level since October 2014.