Stocks of Arabica, the most popular coffee in cafes, dropped to 1.078 million sacks, according to data published on Monday by the ICE Futures U.S. They are the lowest since February 2000.
Bloomberg points out that coffee stocks have been declining since September due to high shipping costs and bad weather in Brazil, the world’s largest coffee exporter.
“Low stocks in the stock market are one of the factors driving coffee prices up,” Fernando Maximiliano, StoneX analyst in Sao Paulo, Brazil, noted.
Coffee is over 90 percent more expensive than a year ago.