Sunday 14 August 2022

Arabica futures in New York fall to a 6-week low amid concerns about Covid-19 omicron variant

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MILAN – Arabica coffee futures in New York fell Monday to a 6-week low on renewed concerns that the omicron Covid variant may lead to new lockdowns and travel restrictions affecting coffee sales in the out-of-home segment. The main contract for March delivery settles down 415 points (-1.8%) to 227.05 cents per lb. ICE Robusta in London was still closed for Christmas holiday and will resume trading today.

Last week, Robusta coffee futures on ICE rose to their highest in more than a decade on Thursday due to the ongoing logistics issues including a shortage of container shipping capacity.

According to the latest Commitment of Traders report from the New York Arabica market, Non-Commercial Speculative sector cut their net long position by 7.44% within the market over the week of trade leading up to Tuesday 21st.

December  to register a net long position of 40,972 lots, which is the equivalent of 11,615,380 bags.

The Certified washed Arabica coffee stocks held against the New York exchange were seen to decrease by 537 bags yesterday to 1,546,856 bags, of which 47.26% of these certified coffees originating from Honduras and 45.75% from Brazil.

The latest Commitment of Traders report from the London Robusta market will be released later today, due to the holiday observed yesterday, on the 27th December 2021.

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