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Arabica coffee futures surge to 3-1/2 month high on weather concerns in Brazil

MILAN — Arabica coffee futures on Ice surged to 3-1/2 month high on Wednesday boosted by technically driven buying and a strengthening in Brazil’s real currency. The rally reflects similar recoveries recorded in other commodity markets, most notably in the grain complex.

The most active contract for July delivery closed 345 points higher at 99.50 cents after reaching a intraday high of 100.25 cents.

In London, the spot contract for July delivery settled US$40 higher at US$1,412, following gains in the Arabica market.

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