Coffee Road: Arabica prices have soared to record highs.
Arabica coffee price reached a record level
The global markets have set a new record, selling at a price above $3.60 per pound. In Brazil, the largest coffee producer, sales are slow due to a shortage of beans. This raises concerns about the future harvest.
According to official sources, nearly 70-80% of the current harvest has already been sold. New deals are being made slowly. It is worth noting that Brazil accounts for half of the world's production of Arabica coffee, which is used for grinding and roasting.
Information from the Brazilian agency Conab indicates that the weather in the country has been good lately, but the upcoming harvest is expected to be 4.4% smaller than the previous one.
On the ICE exchange, the price of coffee futures for Arabica reached a record high of $3.6945 per pound. This increased the profit from coffee sales by 15% year-on-year. However, the contract closed at $3.6655 per pound, down by 2.5%.
The price of Robusta coffee, used for instant coffee, has also risen and now stands at $5.609 per metric ton, increasing by 0.9%.
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