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Barchart
Barchart
Rich Asplund

Coffee Prices Soar to New 2-Month Highs

Ice Brazil arabica Cecafe United States Vietnam FAs

September arabica coffee (KCU25) on Friday closed up +15.15 (+4.64%), and September ICE robusta coffee (RMU25) closed up +117 (+2.86%).

Coffee prices on Friday extended this week's sharp rally, boosted by short-covering and technical buying with the upside breakouts to new 2-month highs.  Arabica coffee this week rallied by a total of +10.4% and robusta coffee rallied by a total of +18%.  Bullish fundamental factors include a frost event early this week in Brazil, reduced coffee exports from Brazil, and declining coffee ICE warehouse inventories.

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