Prices for Robusta coffee have soared to record levels since 2008. May contracts on the ICE exchange during trading on Wednesday, April 3, rose in price by 4.8%, at the peak the price was $3,838 per ton. By the end of April 3, trading on the ICE exchange closed with an increase of 4.1% to $3,812 per ton. Since the beginning of the year, coffee has risen in price by almost 24%.
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The reason for the rise in prices
Coffee futures rose to a new high at trading in London due to fears of a shortage, writes Bloomberg. The heat wave is threatening coffee production in Vietnam, one of the world's largest coffee exporters.
It has heightened concerns about shortages in supplies of beans used to make instant drinks.
“Weather conditions are not encouraging,” said traders at London importer DRWakefield. They say there are still concerns that farmers may not have enough water to irrigate their coffee trees, which could impact next season's yields.
Tensions in robusta markets are driving up prices for premium Arabica coffee. Arabica futures in New York rose 3% and exceeded $2 per pound for the first time since December.
