Coffee is getting more expensive on the American stock exchange
The price of May coffee futures on the New York trading floor is preparing to demonstrate weekly growth for the first time in the last six weeks, ICE Futures trading reports data.as as of 17.46 Moscow time, the price of May coffee futures is growing by 0.1%, to $ 2.225 per pound. At the same time, coffee as a whole has risen in price by almost 0.7% over the week.
In February, coffee rose to the highest level since September 2011, exceeding the mark of $ 2.6 per pound. After reaching this record, coffee began to get cheaper, if you count for whole weeks, and the decline in value continued for five weeks in a row.
But last week, concerns came to the market about a supply shortage that could arise due to a sharp rise in fertilizer prices, including due to the escalation of the situation in Ukraine.
"Fertilizer prices are skyrocketing worldwide due to supply disruptions and production problems, and Russia's invasion of Ukraine is only exacerbating this situation," Bloomberg said in a statement.
In addition, the agency notes that coffee exports have become more complicated due to a shortage of containers, and exporters are even forced to transport coffee in huge bags, as it was 20 years ago