Prices of robusta coffee and cocoa hit record highs on Friday. Coffee prices are being pushed up by low supplies in Vietnam. The price increase of cocoa is due to panic in the cocoa market due to poor harvests in West Africa.
Vietnam is the largest producer and exporter of robusta coffee worldwide. Traders are concerned that the dry weather in the country will also damage next season’s yields.
The price rose up to 3 percent in New York on Friday – the highest level since measurements started in 2008. Around noon, robusta coffee was still 1.7 percent higher at $ 3,854 per tonne.
The coffee is in high demand because it is cheaper than arabica. Robusta is mainly used for instant coffee and espresso. The price of Arabica coffee also rose on Friday.
The price of cocoa – the most important raw material for chocolate – also reached a new record high. The price has been rising for months amid fears of shortages, and on Friday it rose to $10,433 per tonne.
