Coffee prices have risen to the highest level in the last 50 years.

Futures for high-quality arabica beans rose by 4.7% in New York to $3.23 per pound, reaching their highest levels since 1977, and pushing this year's price increase above 70%. Cheaper robusta beans used in instant coffee saw London futures rise by 7% to $5,507 per ton, nearly doubling from the beginning of the year.

Traders said this movement aims to secure supply ahead of uncertainties regarding coffee roasters, commercial buyers processing the beans for consumption, potential shortages, and a new EU law that prohibits the use of deforested land for crops.

Tomas Araujo, a trading partner at StoneX, stated, "I've never seen anything like this before. This situation will not be resolved this year, and that's why roasters have started to panic."