Due to the problems of the global supply system, deterioration of weather conditions and uncertainty of the situation in the regions of coffee production prices of this product took off to the maximum for the past ten years. According to CNBC, analysts expect that the complex situation in the global coffee market will continue until 2023.
The cost of coffee with delivery in December on the exchange on Monday reached $ 2.34 per pound. Last Thursday coffee futures on Intercontinental Exchange (ICE) reached $ 2.46, which is the highest since 2011.
Analysts surveyed by CNBC call the situation in the coffee market “perfect storm”. According to Ole Hansen from Saxo Bank, you need to take into account “The situation of this year in Brazil, where the frosts were unprecedented in the coffee plantations for many years, and then there was a period of drought, because of which the harvest of 2022 may be very sad.” In addition, the situation with increasing incidence of COVID-19 in Vietnam, another major coffee manufacturer, as well as the situation in Ethiopia, which is on the verge of civil war.