Commodity sees price increase of up to 3% on Monday (26) due to news on oil production and export.
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The commodity’s prices have declined due to a lower demand from China. Brazil’s trade balance could be impacted, and Arabs could import more.
Coffee was among the top 15 exports from Brazilian agribusiness to the Arab countries in 2022. Of the list, coffee saw the highest price increase, up 88% from 2021.
The hike in costs of commodities such as soya and maize caused feed prices to rise, and the United Arab Emirates are having trouble buying from Brazil.
The commodity’s prices started increasing in 2020 and are expected to stay high this year. Increased demand from China and Vale’s reduced output are some of the reasons.
