Coffee Jul '20 (KCN20)
Coffee Futures Market News and Commentary
July arabica coffee (KCN20) on Tuesday closed down -0.10 (-0.10%). July ICE Robusta coffee (DFK0) closed up +20 (+1.73%).
Coffee prices on Tuesday settled mixed. Losses in arabica coffee were limited by strength in the Brazilian real which rose sharply by +2.73% against the dollar Tuesday to a 1-1/2 month high. The stronger real discourages export selling from Brazil's coffee producers.
Robusta coffee pushed higher Tuesday on speculation the coronavirus lockdowns are boosting coffee consumption at home as robusta coffee is favored in instant coffee. Also, ICE robusta coffee supplies have tightened as ICE robusta coffee inventories fell to a 1-year low Monday.
Arabica coffee recovered from a 7-1/4 month low Monday after the International Coffee Organization (ICO) cut its global 2019/20 coffee surplus estimate to 1.85 mln bags from an April 28 estimate of 1.948 mln bags. That still indicates a much easier supply situation than in March when ICO forecast a -470,000... Read more
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