Market Outlook ON Coffee – 07 September 2022
07 Sep 2022
Laxman Narasimhan is the new CEO of global coffee chain Starbucks and a new member of the company’s board of directors on Thursday.
US coffee C future rise by 0.17% to 229.20
Coffee touches all-time highs, Analysts say that coffee tightness in the market to continue all the way into 2023.
$2.07 is the international coffee association’s benchmark price per pound
Coffee prices have reached a 10-year high, and analysts expect tightness in the market to continue all the way into 2023.
Coffee contracts for December delivery ended Monday’s trading session at $2.34 per pound. On Thursday, coffee futures on New York’s Intercontinental
Exchange reached $2.46, marking the highest price since 2011 when the commodity broke above $3 per pound report on Friday up almost 85% from a year earlier.
Head commodity strategy old Hassen said “a perfect storm of events has been conspiring to give a boost”
In 2011 we saw a coffee rally of almost 3% up
Hansen said that weather is the most important part to change the coffee prices and weather would affect the yield later.
Hansen said that the price will remain high
Bad weather could impact the supply of coffee. Like Vietnam which is seeing a rise in covid-19 cases that could hit production.