World coffee prices have risen by 20% due to the heat in Asia

Global coffee prices rose by around 20% in the second quarter of 2024 amid extreme heat in key growing regions in Asia. This was reported by Nikkei Asia. Robusta coffee futures in London were 18.1% higher at the end of June 2024 than at the end of March of the same year, hitting an all-time high of $4,394 a tonne on June 6, it said. At the same time, it is reported that Arabica coffee futures increased by 20.6%. The main reason for the jump in prices was the heat in Southeast Asia. Since April, average temperatures in Vietnam, Thailand and the Philippines have been above normal, reaching 48 degrees Celsius. In the message, it is said that in Vietnam, farmers faced a drought, which may affect the autumn harvest. Vietnam produces about 40% of the global volume of robusta beans, which are used to prepare instant coffee. "Last year's robusta crop was poor, so prices are rising on fears that the harvest will be poor for the second year in a row, and this will continue the tight balance ...