Frost bite may push coffee prices sky-high by 40 percent
Brazil is facing the risk of frost this month, and may see coffee prices going up by 40 percent to record $4.20 a pound, according to Bloomberg.
La Niña, a climatic disturbance resulting in cooling of Pacific waters is the culprit!
Arabica has already jumped 24 percent with a shortage for 6.2 million bags of the coffee variety on cards. July contract n Thursday at $2.992 a pound in New York, subsequent to surging to a 14-year high of $3.034.
Original source: Commodity Online