LONDON: Global coffee prices plunged on Friday after US President Donald Trump removed 40 percent tariffs on imports of Brazilian agricultural products.
US retail coffee prices rose an annual 40 percent in September, due in part to tariffs. Rising food prices are a major factor behind Trump’s approval ratings falling to their lowest since his return to power, a Reuters/Ipsos poll found.
Trump’s overnight move follows a similar order announced last Friday to roll back duties on coffee and scores of other products from producing countries.
Top coffee grower Brazil supplies the United States, the world’s largest coffee consumer, with about a third of its beans.
At 1238 GMT, arabica coffee futures on the ICE exchange , used as a benchmark to price physical coffee around the world, were down 4.4 percent at $3.6020 per lb, having earlier plunged more than 6 percent to two-month lows.
Futures prices for robusta coffee beans, typically used in instant coffee rather than in the roast and ground blends where arabica dominates, were down 4.2 percent at $4,438 a metric ton, having earlier sunk 8 percent.
“(We) need the market to digest this. More downside? Maybe, but I do not believe we’ll go below $3/lb. If anything I would be a buyer into whatever market dip comes from this news,” said a Europe-based trader at a top global coffee trade house.
He explained that the global arabica crop is still in deficit, exchange-certified and industry stocks are low, the industry is short on supply and needs to buy and there are still supply risks linked to the La Nina weather phenomenon.
Tariffs aside, dealers were also trying to gauge the damage from floods and landslides in top robusta grower Vietnam’s coffee-growing region, where the death toll as of Thursday stood at 41.
A London-based coffee broker said the market had over-reacted somewhat to the Trump tariff u-turn given it was to some extent expected. “(The move) seemed to shock more than it probably should have,” he said.
In other soft commodities, London cocoa fell 0.9 percent to 3,394 pounds a metric ton, New York cocoa fell 0.8 percent to $5,241 a ton, raw sugar rose 0.6 percent to 14.74 cents per lb while white sugar gained 0.7 percent to $422.90 a ton.
Global coffee prices plunge after Trump removes tariffs on Brazil
https://arab.news/rttk2
Global coffee prices plunge after Trump removes tariffs on Brazil
- Trump’s overnight move follows a similar order announced last Friday to roll back duties on coffee
- Top coffee grower Brazil supplies the United States, the world’s largest coffee consumer, with about a third of its beans
Harry Styles announces 2026 global tour: See the dates
- e news arrives a week after Styles revealed his fourth studio album will arrive March 6. Titled “Kiss All the Time. Disco, Occasionally”
NEW YORK: Harry Styles is getting back out on the road. The English musician announced his “Together, Together” tour on Thursday. It’s a 50-date run made up of residencies in Europe, the UK, Brazil, Mexico, the US and Australia.
Styles’ tour launches May 16 with six nights in Amsterdam, followed by six nights in London, two in São Paulo, two in Mexico City, 30 at New York City’s Madison Square Garden, two in Melbourne and two in Sydney, where it will conclude in December.
Openers include Robyn, Shania Twain, Jorja Smith, Jamie xx, Fousheé, and more.
There are a few pre-sale opportunities. The general sale for São Paulo begins Wednesday and the Mexico City sale begins Jan. 29.
The general sale for Amsterdam, London, Melbourne, Sydney, and many New York dates begins Jan. 30. The last New York dates, Oct. 10 to 31, will go on sale Feb. 4.
Styles is no stranger to residencies. During his “Love on Tour” in 2022, he did a 15-night stint at Madison Square Garden, which Ticketmaster labeled “the highest-grossing single engagement in the venue’s history.”
The “Together, Together” tour news arrives a week after Styles revealed his long-awaited, fourth studio album will arrive March 6.
Titled “Kiss All the Time. Disco, Occasionally,” the album is Styles’ first full-length project in four years. It follows the 2022, critically acclaimed synth pop record “Harry’s House,” which earned the former One Direction star the top prize of album of the year at the 2023 Grammy Awards.
The cover for “Kiss All the Time. Disco, Occasionally” features the 31-year-old artist in a T-shirt and jeans at night, standing underneath a shimmering disco ball hung outside.
