Robusta prices have reached record levels – Kommersant
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Prices for Robusta coffee on the London ICE exchange yesterday, April 3, reached $3,838 per ton is a record since the beginning of calculations in 2008. Today, April 4, the price of Robusta on futures contracts for delivery in May amounts to $3,763, which is also close to a record value. Since the beginning of the year, Robusta prices have increased by about 30%.
The rise in prices for robusta is primarily due to the drought in Vietnam, which is one of the most important suppliers of this type of coffee in the world. “Weather conditions are not encouraging. There are still concerns about a possible shortage of water for irrigation, which could negatively affect the harvest next season,” notes DRWakefield, a British coffee importing company. According to Ilya Byzov, an analyst at the coffee trading company Sucafina, the increase in demand and prices is now due to the fact that some roasters have been postponing the purchase of coffee, hoping for lower prices, so that their supplies have been exhausted, and now they have begun to panic buy coffee.
As prices for robusta rose, more expensive arabica also became more expensive – prices for arabica futures contracts increased by 3% in New York and exceeded $2 per pound (0.45 kg) for the first time since December. Brazilian coffee producers report growing demand for the cheapest Arabica beans, which can replace Robusta in coffee blends.
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