Coffee Price to Remain Supported in 2012, Broker Carvalhaes Says
This article is for subscribers only.
Coffee prices will remain supported this year due to climate change and market fundamentals, according to Santos, Brazil-based broker Escritorio Carvalhaes.
The price of arabica beans rose to a 14-year high of $3.089 a pound in New York on May 3 as heavy rainfall caused by the La Nina weather conditions cut output in Colombia, the world’s second-largest producer of the variety. Coffee slipped 5.7 percent in New York last year and closed 42 percent above the 5-year average, according to data on Bloomberg.