经济学人下载: 咖啡杯内的风暴 (2)

Until a few years ago, traders would usually get paid within 30 days. To raise cash JAB lengthened payment terms to up to 300 days.
直到几年前，贸易商通常将在30天内收到付款。为了集资，JAB将支付期限延长至了300天。

Finding financing to cover the gap has squeezed traders' slender margins.
寻找填补缺口的资金压榨了贸易商微薄的利润。

"These guys have money, but they're not banks," says Oscar Schaps of INTL FCStone, a brokerage.
“这些人有钱，但他们不是银行，”国际资产控股公司的奥斯卡·斯帕普说到。

The banks lending to traders may take into account the financial position of their biggest customers.
向贸易商贷款的银行可能会考虑他们最大顾客的财务状况。

So the traders' borrowing costs could rise if the roasters' credit standing were to deteriorate.
所以如果咖啡烘焙商的信用状况恶化，那么贸易商的借贷成本就会上涨。

Big traders, such as Swiss-based ECOM or Germany's Neumann, face a less favourable balance of power.
大型贸易商，比如总部位于瑞士的ECOM或是德国的Neuman，都面临着不利的权利不平衡。

They rely on the big buyers in a fragmented industry. JAB's tactics are compounding other problems.
他们依靠零碎行业中的大买家。JAB的战术夹杂着其他问题。

Bumper harvests have pushed bean prices below $1.20 a pound, forcing farmers to sell at a loss. Traders are also struggling to cover costs.
大丰收将咖啡豆价格压低1.2美元每镑，迫使农民亏本售卖。贸易商也挣扎着弥补成本。

Some could see their best staff leave. Andrew Kerr, a headhunter, says salaries are "starting to ease off" in Geneva, the world's centre for coffee trading.
一些贸易商可能眼睁睁的看着他们的优秀员工离职。猎头安德鲁·克尔表示，在世界咖啡贸易中心日内瓦，工资“开始下降”。

One answer for traders may be greater scale. Consolidation would allow costs to be cut while increasing negotiating power.
贸易商的答案之一可能是更大的规模。合并能够减少成本，还能增加议价能力

More investment in storage, ports and transport would help them take greater advantage of arbitrage opportunities across the globe.
对仓库、港口以及运输的加大投资将帮助他们更多的利用全球套利机会。

That should position them well to meet Asia's growing thirst for instant coffee.
这样应该能更好的定位他们以满足亚洲对速溶咖啡不断增长的需求。

Another strategy would be to capitalise on the trend for pricey gourmet brews that boast traceability and sustainability.
另一个策略是利用人们对那些拥有可追溯性和可持续性的昂贵又美味的冲泡咖啡的追求趋势。

Small independent roasters have sprung up in richer cities. They are looking for specialist traders with direct links to farmers.
小型独立的烘焙商已经在更加富裕的城市中兴起。他们正在寻找能和农民取得直接联系的专业交贸易商。

The dominant roasters have also woken up to high-end coffee. Nestlé paid around $425m in 2017 for Blue Bottle, a fancy Californian chain.
占主导地位的咖啡烘焙商也已经察觉到了高端咖啡。2017年，雀巢以4.25亿的价格收购加利福尼亚精品咖啡连锁Blue Bottle。

Supplying them with top-quality beans may be another way for traders to escape the grind.
为他们供应顶级品质的咖啡豆可能是贸易商逃避压力的另一方法。