Coffee futures got a positive early start this week, building on last week’s gains to hit fresh highs of $1.571 per pound in New York trading.
Previously, concerns over supply and positive projections for global demand pushed up the price of both coffee and cocoa. Since then cocoa has dropped, but traders have remained optimistic on the other brown bean.
Questions about coffee supply cropped up again, once again focusing on weather in Africa. The Uganda Coffee Development Authority reported via Reuters Africa that its exports were down by 17 percent this June from the same month last year. The decrease was blamed on heavy rains disrupting the drying of beans and the transportation infrastructure in southern Uganda.
The East African nation is the continent’s largest exporter of coffee beans.
Another piece of news probably had no effect on coffee futures, but does mean a nice bonus for caffeine addicts worldwide: Starbucks announced that it will now provide free, “one-click” WiFi service in all of its cafes. Previously, the world’s largest coffeehouse company had still provided wireless service but charged for hourly usage via T-Mobile.
The chain is running counter to a noticeable trend in coffee shops, which are cracking down on digital loitering by customers using free wireless for hours on end.
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