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Barchart
Barchart
Rich Asplund

Coffee Prices Gain as ICE Inventories Dwindle and Heavy Rains Pound Vietnam

Ice Brazil Vietnam United States Cecafe Conab FAs

December arabica coffee (KCZ25) on Wednesday closed up +9.05 (+2.41%), and November ICE robusta coffee (RMX25) closed up +203 (+4.83%).

Coffee prices recovered from early losses on Wednesday and moved sharply higher, with robusta posting a 1.5-week high.  The 50% tariffs imposed on US imports from Brazil have led to a sharp drawdown in ICE coffee inventories, a bullish factor for coffee prices.  ICE-monitored arabica inventories fell to a 1.5-year low of 563,351 bags on Wednesday, and ICE robusta coffee inventories fell to a 2.25-month low of 6,450 lots.  American buyers are voiding new contracts for purchases of Brazilian coffee beans due to the 50% tariffs imposed on US imports from Brazil, thereby tightening US supplies, as about a third of America's unroasted coffee comes from Brazil.

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