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Commodities

Coffee bean prices hit 2-year high as Asians drink more

Future prices up 30% from November but weak real puts lid on rises

Coffee bean prices hit two-year high on supply concerns. (Photo by Ken Kobayashi)

TOKYO -- The international price of coffee beans has risen sharply as the world's biggest suppliers Brazil and Vietnam are expected to cut production in the year to the end of September 2020.

Asian demand for coffee is surging. According to the U.S. Department of Agriculture, Indonesia's domestic consumption will rise 54%, Vietnam's will go up 14% and China's will increase 16% in the five-year period to the end of September 2020. Meanwhile, popular Chinese coffee chain Luckin Coffee increased its total number of stores at the end of the third quarter ended Sept. 2019 to 3,680, representing an increase of 209.5% compared to a year earlier.

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