MILAN – Arabica coffee futures closed yesterday at a 13-1/4 year nearest-futures low, while Robusta coffee futures were at a 3-year nearest-futures low. May Arabica in New York settled at 92.10 cents, down 240 points marking a new contract low for the contract. May ICE Robusta coffee closed 38 dollars down at US$1,418.
Arabica coffee futures posted their lowest first-quarter average in 15 years.
Arabica coffee was the worst performer among major soft commodities tracked by Bloomberg.
Fund selling has helped push coffee prices lower after COT data from last Friday showed funds increased their net-short positions to 78,056 ICE future and options coffee contracts in the week ended Mar 26, the highest in 6 months.
Arabica prices fell despite a surge in the Brazilian currency that climbed to a 4-session high against the dollar Monday following the fall in the real to a 5-3/4 month low last Thursday.
Robusta coffee was also under pressure from updated weather forecasts that called for beneficial rains in the coffee-growing areas of in Vietnam and Indonesia over the week.