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The prices of robusta coffee and cocoa reached new record highs on Friday.
Source: BELGA
Yesterday at 9:31 PM
As for robusta coffee, the price is being driven by low supplies in Vietnam, the world‘s largest producer and exporter of the variety. Moreover, traders are concerned that the dry weather in the country will hurt next season’s yields.
The price rose up to 3 percent in New York on Friday, to the highest level since measurements started in 2008. Around noon in New York, robusta coffee was still 1.7 percent higher at $ 3,854 per tonne.
Robusta coffee is in high demand because it is cheaper than arabica. Robusta is mainly used for instant coffee and espresso. The price of Arabica coffee also rose on Friday.
In addition, the price of cocoa – the most important raw material for chocolate – reached a new record high. The price has been rising for months amid fears of shortages, and on Friday it rose to $10,433 per tonne.