MILAN — Arabica coffee futures rebounded strongly on Tuesday from Monday’s lows. The ICE Arabica contract for March delivery closed 3.8% or 845 points up at 231.75 cents on reports of smaller coffee exports from Brazil. ICE Robusta opened the year on a softer note: the benchmark contract for March delivery fell 0.8%, or $21, closing at a two-week low of $2,350 a tonne.
The contract hit a 10-year high of $2,384 last Thursday, December 30th 2021.
The Brazil government have reported that the country’s coffee exports for the month of December were 17.2% down at 3.586 million bags from 4.330 million bags in 2020.
The current export figures from Brazil are influenced by Covid-19 related logistical restraints, updated shipping line reports foresee that these shipment restraints are likely to continue, into the New Year.
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