MILAN — Arabica coffee futures surged 10% or 1,765 points on Thursday posting the largest daily gain since early 2014. The most active contract for September delivery rose to 193.65 cents, the highest close in more than six years. Robusta coffee futures rose by 6.2% to a new contract high of $1,889 reaching their highest levels in 3-1/2 years.
Concern that Brazil’s coffee crops this year will be decimated by both drought and frost have fueled fund buying at Ice Arabica.
The worst cold wave in almost 30 years, with temperatures dropping to freezing levels in a matter of minutes on the morning of July 20, delivered a blow to the heart of Brazil’s coffee belt, damaging trees and harming prospects for the 2022 on-year crop.
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