The prices of “Arabica” coffee futures contracts rose in the trading of the New York Stock 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 the disruption of shipping traffic. According to the German news agency.
And the “Bloomberg” news agency indicated that the coffee fields in Brazil, the largest exporter of coffee in the world, were subjected to the worst weather conditions in decades, which led to significant damage to crops, which could affect production for years to come.
Meanwhile, coffee farmers in Colombia, the world’s largest exporter of light Arabica coffee, have refused to fulfill contracts to supply their crop. The quantities that will not be delivered are likely to reach one million bags, adding new chaos to the world’s supply chain.
The prices of the finest coffee have doubled over the past year. The price of coffee rose 4.4 percent to $1,315.2 per pound for December delivery on the New York Stock Exchange, its highest level since October 2014.