Coffee Futures Market News and Commentary
March arabica coffee (KCH24) on Thursday closed up +12.00 (+6.95%), and Jan ICE robusta coffee (RMF24) closed up +88 (+3.49%).
Coffee prices Thursday rallied sharply, with arabica posting a 5-1/2 month high. Coffee prices surged Thursday ahead of a new rule that begins Friday when the Intercontinental Exchange (ICE) will ban the resubmission of old coffee inventories, a loophole used by some sellers to dodge age penalties. The new rule change by ICE is expected to add further pressure to ICE-monitored coffee inventories, providing support for coffee prices.
Shrinking ICE coffee inventories are bullish for coffee prices as ICE-monitored arabica coffee inventories fell to a 24-year low of 224,066 bags on Thursday. Meanwhile, on Thursday, ICE-monitored robusta coffee inventories were at 3,944 lots, moderately above the record low of 3,374 lots posted on August 31.
In a supportive factor for robusta coffee, Vietnam's General Department of Customs reported Wednesda... Read more
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