SOFTS-Coffee Prices Jump Nearly 7% in New York After Stocks Drawn
Prices for arabica coffee at the Intercontinental Exchange (ICE) in New York rose nearly 7% on Thursday due to a sharp reduction in the amount of bags available at ICE’s certified warehouses. The sharp price spike was due to the reduction of ICE’s certified arabica coffee stocks to the lowest level in 24 years. Certified stocks were cut by more than 35,000 bags on Thursday, bringing them to 224,066 bags, the lowest since February 1999.
January robusta coffee LRCc1 rose 3.5% at $2,611 a metric ton. Fresh coffee beans from Vietnam’s 2023/24 harvest have yet to arrive in bulk due to rains in key growing areas disrupting bean processing. Dealers said the strong pace of production in Brazil was keeping the market on the defensive, with a correction expected due to a constantly bigger reported crop in Brazil.
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Source: Coffee Talk