LONDON, July 25 — Coffee prices surged this week to multi-year peaks, extending stellar gains this year after frost damaged crops in the world’s biggest producer Brazil.
Mera also blamed soaring transportation costs and political unrest in number-three producer, Colombia.That was followed by damaging frosts this week at key plantations in Minas Gerais — a south-eastern inland state that produces 70 per cent of the nation’s arabica beans. “It is flowering time for the next crop and the flowers were frozen and will drop off the trees,” he added, noting, however, that the weather was now turning warmer.
While conditions are ripe for high prices, commodity economist Philippe Chalmin explained that the cost of coffee has been particularly low in recent years, pointing out that a pound of arabica cost more than US$3 in May 2011. “Even then, the increases at retail level are much more moderate,” he said with other components such as transport, packaging and marketing contributing to the retail price.
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