The price of coffee is continuing to rise and the latest forecast in 2024 claims we could see the cost of the drink increase even more this year.
When speaking about arabica coffee, Citi analyst Aakash Doshi noted that prices may increase in both the short term and the long term. This has the firm providing a coffee price forecast of $1.88 per pound to $2.15 per pound for 2024.
Doshi said the following about this 2024 coffee price forecast in a note to clients obtained by CNBC:
“The current move can largely be attributed to a heat wave in Vietnam affecting Robusta coffee production and as a result, providing carryover support for premium Arabica beans.”
What’s Behind High 2024 Coffee Price Forecasts?
Other factors are also weighing on the price of coffee recently. That includes more consumers choosing it as a natural source of energy in the morning. This comes amid a movement of customers seeking out more organic options for their food and drink.
If that demand continues to increase, it could also cause the price of coffee to rise further. That’s something commodity traders will want to keep in mind for 2024.
Coffee isn’t the only commodity that is seeing stark price increases recently. Cocoa is also undergoing a rally lately. You can learn more about that here.
Investors looking for more of the most recent stock market news will want to keep reading!
We have all of the hottest market news ready to go on Thursday! Among that is what’s happening with shares of Costco (NASDAQ:COST), Nikola (NASDAQ:NKLA) and Canopy Growth (NASDAQ:CGC) stock today. You can catch up on all of this below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
