Exchange prices for Arabica coffee have increased by more than 4% on Tuesday, exceeding the $7,500 per tonne mark during trading, a record high since April 1977.
Volcafe Ltd, the largest trader of Arabica and Robusta coffee, has lowered its forecast for arabica production in Brazil after the company's harvest tour in the country, Bloomberg reported.
Brazil, the world's largest producer of coffee beans, faced unfavorable climatic conditions, primarily drought, heat and uneven rainfall, during the flowering and development stages of coffee berries.