After peaking, the price of Robusta declined slightly to $3,822. This price level has not been seen since at least the beginning of 2008, with no earlier data publicly available.
Arabica coffee prices are also rising, reaching $2.078 per pound on Thursday, or $4,851 per tonne, the highest since September 2022, according to the data.
In December 2023, the International Coffee Organization said that Arabica production increased by 1.8% to 94 million bags in the last crop year, while Robusta showed a decrease of 2.0% to 74.2 million bags. This year, world coffee consumption is expected to grow by 2.2% to 177 million bags, with non-producing countries making the largest contribution to the total increase.
Coffee prices could rise due to a drought in Brazil, media reported earlier. The lack of rain and above-average temperatures caused producers to harvest fewer Robusta beans than expected.