Arabica coffee futures on the ICE exchange, used to price beans around the world, are at their highest in nearly half a century on worries the upcoming crop in top producer Brazil has been damaged by this year's drought.Some farmers have as a result delayed deliveries in hope of securing even higher prices, while it has become very expensive for traders to hold short futures positions as a hedge against physical purchases.
'We're getting calls from everyone saying 'do you have the coffee you owe me?'' said one trader from a major coffee trade house. 'We think they owe the industry and the trade around half a million bags,' he said, referring to Atlantica and Cafebras.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: