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Barchart
Rich Asplund

Coffee Prices Recover Early Losses as Dry Conditions in Brazil Sparks Short Covering

Ice Brazil USDA Vietnam International Coffee Organization Rabobank

May arabica coffee (KCK24) on Tuesday closed up +1.30 (+0.72%), and ICE robusta coffee (RMK24) closed up +11 (+0.33%).

Coffee prices on Tuesday recovered from early losses and closed moderately higher as updated forecasts for limited rain in Brazil sparked short-covering in coffee futures.  Also, a recovery in the Brazilian real on Tuesday fueled additional short covering in coffee after the real (^USDBRL) rebounded from a a 4-1/2 month low against the dollar and moved higher.  The stronger real discourages export selling by Brazil's coffee producers.

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