Coffee bean prices continue to record impressive increases on the global market. According to the latest data, Arabica bean futures have reached historic highs.
According to Bloomberg, “Arabica bean futures for March 2024 increased by 4.15% to $3.43 per pound.” This increase comes in a context of strong demand and supply tensions.
Contracts even reached $3.48 per pound, the equivalent of $7,673 per ton, surpassing the previous record of $3.47 per pound recorded in April 1977. This price level was stimulated by climatic conditions. unfavorable conditions in the main producing regions, particularly in Central America.
Oil down after renewed geopolitical tensions
After a sharp rise in prices on Monday, oil markets experienced a decline on Tuesday, due to growing geopolitical tensions in the Middle East.
U.S. West Texas Intermediate crude oil futures fell 0.61% to $67.94 per barrel, while Brent crude futures fell 0.51% to $67.94 per barrel. 71.77 dollars per barrel. This reversal comes after a significant rise seen on Monday, where prices rose amid increased tensions in the region.
During Monday’s trading, US oil contracts jumped 1.75% to $68.37 per barrel, while Brent crude contracts rose 1.45% to $72.14 per barrel.
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