Robusta Coffee 10-T Jan '24 (RMF24)
Robusta Coffee 10-T Futures Market News and Commentary
September arabica coffee (KCU26) on Thursday closed down -8.70 (-2.81%), and September ICE robusta coffee (RMU26) closed up +12 (+0.32%).
Coffee prices fell from fresh 4.75-month highs on Thursday and settled mixed. Arabica coffee erased early gains on Thursday and fell sharply as profit-taking and long liquidation pressured prices ahead of the long holiday weekend, with US markets closed on Friday for a holiday.Â
Coffee prices have found support amid heavy rains in Brazil, which have delayed the country’s coffee harvest, raising concerns about the crop. Somar Meteorologia reported on Monday that rainfall in Minas Gerais, Brazil’s biggest coffee-growing region, was 31.3 mm of rain in the week through June 28, or 1,956% of the historical average.Â
Coffee prices have moved sharply higher over the past three weeks as heavy rains in Brazil have disrupted fieldwork and may have lowered coffee crop quality. Also, Brazilian coffee farmers are holding back on sales, hop... Read more
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