MILAN – Supply concerns related to the Coronavirus crisis triggered an unexpected rally at the Ice Arabica in New York: the main contract for May delivery skyrocketed by 16.7% in three days to a two-month high of US$119.70.
On Friday, the benchmark gained 700 points (+6.21%) in New York; May ICE Robusta coffee closed up +28 (+2.30%).
The “C” contract surged by 12.1% for the week, while the Robusta contract rose marginally (+$3) to US$1,244.
The rally is even more impressive if we consider that U.S. oil futures hit an 18-year low last week and cocoa futures closed at 6-month lows.
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