May arabica coffee (KCK26) today is up +2.70 (+0.93%), and May ICE robusta coffee (RMK26) is up +100 (+2.95%).
Coffee prices are moving higher today after Iran said on Saturday that the Strait of Hormuz was closed to shipping following the US refusal to lift a naval blockade on Iranian vessels. The closure of the strait has tightened coffee supplies by increasing global shipping rates, insurance, and fuel costs, and raising costs for coffee importers and roasters. Robusta coffee added to its gains on signs of tighter supplies after ICE robusta inventories fell to a 16-month low of 3,788 lots today.
