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Rich Asplund

Coffee Prices Consolidate Recent Sharp Gains

Ice Brazil arabica International Coffee Organization USDA

May arabica coffee (KCK23) this morning is down -1.20 (-0.63%). May ICE robusta coffee (RMK23) is down -8 (-0.33%).

Coffee prices Wednesday fell back from early gains and turned lower as fund profit-taking emerged after the sharp rally over the past 1-1/2 weeks. The outlook for tighter global coffee supplies has sparked fund buying of coffee futures and pushed prices higher, with arabica today posting a 6-week high and robusta posting a 3-month high.

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