Tag
COFFEE
Nigeria is feeling the impact of the global coffee crisis as futures prices surge by over 30% due to severe supply disruptions caused by drought in Brazil, the world’s largest Arabica coffee producer.
The upward rise of cocoa prices continues unabated, hitting a new high of $6470 per ton in New York amid growing concerns over supply shortages across Nigeria and West Africa.
With food inflation at 32.84%, Nigerians are struggling to cope with the rising cost of food items in the country.
Coffee importers to the European Union are reducing purchases from small farmers in Africa and other regions.
The commodity market in Q1 2021 has particularly seen some buying pressure relatively on reports revealing COVID caseloads are being subdued.
The commodity market performed relatively well in Q3 2020.