Olam forecasts higher coffee prices, Q3 profit up 18%

Singapore

LONG black faces may be in store for coffee lovers: a shortfall in the robusta market and a possible La Nina occurrence could give coffee prices a shot in the arm, says Olam International, one of the largest coffee traders globally.

Its chief executive Sunny Verghese told this to a results briefing on Wednesday as the commodities trader reported a 17.5 per cent growth in third-quarter net profit on higher sales volume and improved operational performance.