Robusta Coffee 10-T Jul '20 (RMN20)
Robusta Coffee 10-T Futures Market News and Commentary
July arabica coffee (KCN20) on Tuesday closed up +1.50 (+1.45%). July ICE Robusta coffee (DFK0) closed up +12 (+0.99%).
Coffee prices on Tuesday moved higher with robusta coffee at a 5-week high. Strength in the Brazilian real on Tuesday was bullish for arabica coffee and the risk of frost in Brazil also underpinned coffee prices.
Arabica coffee prices on Tuesday rebounded higher from last Friday's 3-1/2 month low as a rally in the Brazilian real on Tuesday sparked short-covering in arabica coffee futures. The real on Tuesday jumped +1.75% and posted a 3-week high against the dollar as it recovers further from the May 14 record low of 5.970 reals/USD. A stronger real is bullish for coffee since it discourages export selling by Brazil's coffee producers.
Coffee prices also rose Tuesday on the risk of frost in Brazil after Somar Meteorologia said that Minas Gerais, the largest arabica coffee producing region in Brazil, may face a "weak frost" Wednesday due to fore... Read more
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