Robusta Caffee Rockets To 16-Year High After Major Grower Vietnam Records Export Plunge

Robusta Rockets To 16-Year High After Major Grower Vietnam Records Export Plunge:

The global robusta coffee shortage continues unabated, with prices reaching new highs in London trading on Tuesday. The surge, according to Bloomberg, is directly linked to concerns over sliding bean exports from Vietnam due to ongoing droughts.

Vietnam, the world’s second-largest producer of robusta beans, recorded a 50% plunge in June exports from one year ago to 70,202 tons, according to the country’s customs department. Bloomberg calculations show this is the lowest amount of beans exported since the 2010-11 crop season.

“Dry weather continues to have an impact on production in Vietnam,” said Michael McDougall, managing director at Paragon Global Markets.

Robusta bean contracts in London rose as much as 3.5% to $4,500 a ton on Tuesday, the highest in data going back to 2008. Arabica futures in New York jumped 4%.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.