Global coffee price hits highest level in 10 years

The situation in the global coffee market is expected to be difficult in 2022-2023, Report informs.

The December futures for coffee has reached $ 2.34 a pound at today's auctions, which is the highest level in the last 10 years. This is because of the breakage of supply chains, adverse weather conditions, and the difficult situation on the fields.

This year, Brazil's coffee fields have been hit by unprecedented frosts and droughts, pushing up prices. The increase in coronavirus infections in Vietnam and the fact that Ethiopia is on the brink of civil war also have a significant impact on the market.