Robusta Coffee 10-T Jul '24 (RMN24)
Robusta Coffee 10-T Futures Market News and Commentary
September arabica coffee (KCU26) on Wednesday closed up +4.35 (+1.30%), and September ICE robusta coffee (RMU26) closed down -13 (-0.34%).
NY arabica coffee prices on Wednesday closed higher and consolidated below Tuesday’s 1-month high.
Arabica coffee rallied amid concerns that a massive earthquake that hit Colombia on Monday will disrupt coffee exports from the country, the world’s second-largest producer of arabica coffee beans. Among the areas hit by Monday’s 7.4 magnitude quake were the coffee-growing provinces of Caldas and Risaralda, which account for about a quarter of Colombia’s production. Also, shipping firm Maersk said Tuesday that terminal operations in Buenaventura, which handles most of Colombia’s coffee exports, have been “temporarily suspended” and that inland road closures and traffic restrictions because of the earthquake may impact cargo movements.
Falling inventories are bullish for arabica coffee prices, as ICE arabica coffee inventories fe... Read more
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