Coffee prices neared a seven-year high in London yesterday after heavy rainfall hit supplies in Vietnam, the largest producer of the robusta bean.

The price of robusta beans, which are used to make instant coffee, rose $56 to $1,522 a tonne. Last week it was revealed that prices had increased 11% since the end of July.

Judy Ganes-Chase, president of J Ganes Consulting, said: “Coffee stocks in Vietnam are very limited and shipments are limited to prior sales or existing contracts rather than being able to fulfil any new spot demand.”