Coffee Futures Market News and Commentary
May arabica coffee (KCK21) on Friday closed down -3.55 (-2.68%), and May ICE Robusta coffee (RMK21) closed down -9 (-0.66%).
Coffee prices on Friday posted moderate losses, with arabica falling back from a new 4-week high. Coffee prices continue to see downward pressure from concern that a resurgence of Covid infections may lead to tighter restrictions that keep restaurants and coffee shops closed for longer. The 7-day average of new Covid infections in the U.S. rose to 71,343 on Tuesday, the most in 7 weeks. Also, Germany reported 31,117 new Covid Infections on Thursday, a 3-month high, and the occupancy rate in intensive-care units in German hospitals rose to 88% on Wednesday, the highest in more than a year. In addition, France recently extended a nationwide lockdown for four weeks to contain the recent surge in Covid infections.
Limiting losses in coffee was Friday's data from the Green Coffee Association that showed U.S. Mar green coffee inventorie... Read more