Coffee prices have rallied over the last month, as global lockdowns fueled panic buying by those stuck at home looking for a caffeine fix, but the outlook for the commodity is far from clear.
for May delivery have gained 15% over the last month, to trade around $1.20 per pound Thursday.
stock markets reflected widespread panic about the coronavirus. But prices have since bounced back, and on March 25, coffee futures hit $1.29, surging 30% from the February low point.Consumer demand for coffee has not faltered, despite the coronavirus pandemic, which has helped to lift the price of the commodity, Maximillian Copestake and Steve Pollard from broker Marex Spectron, told CNBC Wednesday.
However, those selling predominantly via supermarkets for people to drink at home were seeing a surge in demand, as"People are filling their cupboards and keeping them full, so they're continuing to go out and buy," Copestake told CNBC. "So there's been a big shift away from out-of-home consumption toward in-home consumption."
Shipping routes had also been disrupted ever since the coronavirus outbreak led to lockdowns in China, where the outbreak began at the end of 2019. And Copestake and Pollard warned that transportation issues may become more of a problem in the long run. The 2019/2020 coffee year was in deficit when it came to produce stocks, they noted, with stocks from the previous year – which was in surplus – being used up.
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