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Rich Asplund

Coffee Prices Settle Higher as ICE Inventories Tighten

Ice Brazil USDA Vietnam Cecafe ICO the International Coffee Organization

December arabica coffee (KCZ24) Friday closed up +5.30 (+2.10%), and November ICE robusta coffee (RMX24) closed up +146 (+2.97%).

Coffee prices rallied moderately on Friday as tightness in coffee inventories sparked short covering in coffee futures.  ICE-monitored arabica coffee inventories fell to a 4-month low of 795,874 bags on Thursday, and ICE-monitored robusta coffee inventories fell to a 4-1/2 month low of 4,308 lots on Friday.  Coffee inventories had recently recovered as ICE-monitored arabica coffee inventories rose to a 1-1/2 year high of 858,474 bags on September 12, up from the 24-year low of 224,066 bags posted in November 2023.  Also, ICE-monitored robusta coffee inventories on July 25 rose to a 1-year high of 6,521 lots, up from the record low of 1,958 lots posted in February 2024.

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