Global coffee traders and roasters say they have slashed their purchases to minimal levels, as the industry reels from a steep surge in prices that suppliers have yet to convince retail stores to accept.
At the U.S. National Coffee Association (NCA) annual convention in Houston this week, attendees said they have been in shock at a 70 percent increase since November for Arabica coffee futures on the ICE exchange , the benchmark for coffee deals around the world.
Renan Chueiri, director general at ELCAFE C.A. in Ecuador, said this year is the first time the instant coffee maker hasn't sold all of its expected annual production by March.
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