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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.
直到幾年前，貿易商通常將在30天內收到付款。為了集資，JAB將支付期限延長至了300天。
Finding financing to cover the gap has squeezed traders' slender margins.
尋找填補缺口的資金壓榨了貿易商微薄的利潤。
"These guys have money, but they're not banks," says Oscar Schaps of INTL FCStone, a brokerage.
“這些人有錢，但他們不是銀行，”國際資產控股公司的奧斯卡·斯帕普說到。
The banks lending to traders may take into account the financial position of their biggest customers.
向貿易商貸款的銀行可能會考慮他們最大顧客的財務狀況。
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狀況惡化，那么貿易商的借貸成本就會上漲。
Big traders, such as Swiss-based ECOM or Germany's Neumann, face a less favourable balance of power.
大型貿易商，比如總部位于瑞士的ECOM或是德國的Neuman，都面臨著不利的權利不平衡。
They rely on the big buyers in a fragmented industry. JAB's tactics are compounding other problems.
他們依靠零碎行業中的大買家。JAB的戰術夾雜著其他問題。
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.
大豐收將咖啡豆價格壓低1.2美元每鎊，迫使農民虧本售賣。貿易商也掙扎著彌補成本。
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.
一些貿易商可能眼睜睜的看著他們的優秀員工離職。獵頭安德魯·克爾表示，在世界咖啡貿易中心日內瓦，工資“開始下降”。
One answer for traders may be greater scale. Consolidation would allow costs to be cut while increasing negotiating power.
貿易商的答案之一可能是更大的規模。合并能夠減少成本，還能增加議價能力
More investment in storage, ports and transport would help them take greater advantage of arbitrage opportunities across the globe.
對倉庫、港口以及運輸的加大投資將幫助他們更多的利用全球套利機會。
That should position them well to meet Asia's growing thirst for instant coffee.
這樣應該能更好的定位他們以滿足亞洲對速溶咖啡不斷增長的需求。
Another strategy would be to capitalise on the trend for pricey gourmet brews that boast traceability and sustainability.
另一個策略是利用人們對那些擁有可追溯性和可持續性的昂貴又美味的沖泡咖啡的追求趨勢。
Small independent roasters have sprung up in richer cities. They are looking for specialist traders with direct links to farmers.
小型獨立的烘焙商已經在更加富裕的城市中興起。他們正在尋找能和農民取得直接聯系的專業交貿易商。
The dominant roasters have also woken up to high-end coffee. Nestlé paid around $425m in 2017 for Blue Bottle, a fancy Californian chain.
占主導地位的咖啡烘焙商也已經察覺到了高端咖啡。2017年，雀巢以4.25億的價格收購加利福尼亞精品咖啡連鎖Blue Bottle。
Supplying them with top-quality beans may be another way for traders to escape the grind.
為他們供應頂級品質的咖啡豆可能是貿易商逃避壓力的另一方法。
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