Wednesday 21 February 2024

Arabica coffee futures rally buoyed by a stronger Brazilian real

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MILAN – Arabica coffee futures rallied on Tuesday buoyed by a stronger Brazilian real following news that Brazil’s far-right candidate Bolsonaro is increasing his lead ahead of the first round of the presidential election this Sunday.

The most active contract for December delivery rose by 5.6% or 545 points to close at 107.65 cents, the highest level since August 14th.

Brazil’s far-right presidential candidate Jair Bolsonaro has a 10-point lead over leftist Workers Party candidate Fernando Haddad, and would tie in a second-round runoff against him this month, an opinion poll revealed on Monday.

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