Global: Arabica coffee prices hit all-time high on ICE as supply tightens

Published 2024년 11월 25일

Tridge summary

Arabica coffee futures have reached a record high due to tight supplies, with some farmers in Brazil withholding sales for tax reasons and as they anticipate further price increases. The future's high on the ICE exchange was $3.1125 per pound. The development of Brazil's next arabica crop is not progressing as hoped due to previous dry weather, and heavy rains in Costa Rica have destroyed approximately 15% of the country's annual coffee crop, costing around $45 million. Speculators have increased their net long positions in both arabica and robusta coffee during the recent rally.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

LONDON (Reuters) - Arabica coffee futures hit a record high on Monday, driven in part by tight supplies, while cocoa and sugar prices fell slightly. Futures on the ICE exchange hit a high of $3.1125 per pound. Traders said supplies were tight, with some farmers in Brazil holding back sales for tax reasons and also in the hope that prices could rise further. They also noted that next year’s arabica crop in Brazil was not developing as well as many had hoped, with recent rains failing to reverse damage caused by earlier dry weather. Heavy rains in Costa Rica have triggered a national emergency and destroyed about 15% of the Central American country’s annual coffee crop, costing farmers about ...

Source: NoticiasAgricolas