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Arabica coffee futures hit 5-month highs, benchmark contract closes at 129.05 cents

Arabica coffee futures

MILAN – Arabica coffee futures rose to 5-month highs on Monday on falling supplies and renewed demand expectations. Ice Arabica benchmark contract for December delivery posted a 270-point gain closing at 129.05 cents, the highest level in New York since March.

Coffee prices spiked in late March as countries began hoarding amid nationwide lockdowns forced by the pandemic.

ICE Robusta coffee was closed Monday with markets in the UK due to the Summer bank holiday.

Dealers said the market was supported by a continued decline in certified exchange stocks.

Ice Arabica certified stocks dropped yesterday to a two-and a half year low of 1.234 mln bags. ICE-monitored Robusta coffee inventories last Friday fell to a 20-month low of 10,908 lots.

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