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Commodities

Coffee bean prices slump as consumers stay home over coronavirus fears

Falling demand and healthy crops could lead to oversupply and keep prices low

A deliveryman walks past a closed Luckin Coffee store at Sanlitun, as the country is hit by an outbreak of the new coronavirus, in Beijing, China.   © Reuters

TOKYO -- The effects of the coronavirus have spread to the world's coffee growers, with the price of beans weakened by falling demand as consumers shun coffee shops and stay home.

China is the biggest importer of coffee beans from Brazil, the world's largest producer. But the coronavirus outbreak has caused a dramatic fall in demand, with Starbucks closing more than 2,000 outlets in China late January.

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