Coffee prices soar to 47-year high as Brazil faces crop concerns

Coffee prices have reached their highest level in 47 years, driven by concerns over Brazil's next crop due to drought. Arabica coffee futures rose 0.7% to $3.2530 per pound, peaking at $3.3545 earlier. Brazilian farmers are delaying coffee deliveries, hoping for better prices, which has created supply shortages. This situation has caused significant financial losses for traders expecting timely shipments. Robusta coffee prices also hit a 47-year high, reaching $5,694 per metric ton before declining slightly. Meanwhile, cocoa prices increased, while sugar prices fell.