Largest Coffee Trader Says New Lockdowns Slowing Demand Recovery
- Consumption is no longer expected to grow this season: Neumann
- World still faces deficit next season as Brazil output tumbles
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Lockdowns in Europe and the U.S. earlier this year have slowed a recovery in global coffee consumption as consumers stay away from restaurants and coffee shops, according to the world’s top trader of the commodity.
Neumann Kaffee Gruppe no longer expects growth in global demand in the season that ends in September in most countries, said Ana Wilks, head of research at the Hamburg-based trader, which handles about 15 million bags of coffee a year. That compares with a more optimistic projection for an increase in consumption of 0.9% made in December.