The price of coffee soars in the international market

According to the latest report released by Barclays Capital analysts, despite the strong growth of coffee crops in Brazil, due to heavy rainfall, coffee production in Colombia, the world's main coffee producer, will be lower than expected for the fourth year in a row.

Affected by this, the futures price of coffee delivered in December in the New York market soared 6.5% on the 10th to US $1.7365 per pound, the highest level since early August this year.

So far this year, weather factors have dominated the trend of global coffee prices. Global coffee prices fell 34 per cent from the beginning of the year to mid-June due to the weather, and have been rising since then.

On the same day, as the market held a wait-and-see attitude before the Fed interest rate meeting, the prices of other commodities in the New York market were mixed. Among them, the December gold futures price, which is the most actively traded on the New York Mercantile Exchange gold futures market, fell 0.5%, the silver futures price for December delivery fell 0.17%, the platinum futures price for October delivery rose 0.47%, and the light crude oil futures price for October delivery rose 0.12%.

(responsible Editor: Leo)

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