The rise in prices was influenced by concerns about declining yields in Vietnam, which is the largest producer of Robusta coffee.
Global prices for Robusta coffee have risen to their highest level in 45 years due to production shortages. In April, the price of such coffee rose 16.8% to $1.93 per pound, while prices for other coffees rose 14.8-17.8%, according to a report by the International Coffee Organization (ICO).
It was noted that the increase in prices was influenced by concerns about the decline of the harvest in Vietnam, which is the largest producer of Robusta coffee.
Vietnam’s drought has pushed local coffee prices to all-time highs as farmers and middlemen continue to hold onto stocks for a better deal after a poor 2023-24 harvest, if with Vietnam accounting for nearly one-third of the global supply of beans, according to Bloomberg. Robusta, used for instant drinks and espresso coffee.
The agency said Arabica prices did not rise much, which would help offset the price hit for coffee consumers.
It was previously reported that world cocoa prices have updated their historical record. Cocoa futures in New York hit a new historic record. The most active contract rose 5% to $11,578 per metric ton in early trading on Friday, April 19.
And at the end of April, the prices of cocoa beans fell by 26% in two days.
Source: korrespondent
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