By Evie Liu
The price of Arabica coffee reached the highest level since at least 1977 as traders worry about shortages due to a record-breaking drought in Brazil, the world's largest coffee producer.
Arabica beans trading in New York hit 320.10 cents per pound on Wednesday.
Vietnam, a major producer of the cheaper Robusta bean often used for instant coffee, also has faced abnormally dry weather this year, adding to the supply worries.
Robusta beans, which trade in London, were at around $5,200 per metric ton. They reached a record price of $5,829 in mid-September.
Other factors have boosted prices as well, including disruptions to shipping in the Red Sea, potential U.S. tariffs, and European Union regulations on deforestation.
Write to Evie Liu at evie.liu@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 27, 2024 11:49 ET (16:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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