MILAN — Coffee futures prices on Tuesday rallied to new historic highs lifted by fears over frosts in top producer Brazil. The September Arabica coffee contract closed up 1,040 points (+6.65%) to 166.80 per lb reaching the highest price for the benchmark contract since February 2015. Robusta coffee in London jumped 2.4% at $1,774 a tonne, having hit a three-year high of $1,793 during the day.
Temperatures in Brazil’s coffee-growing regions fell below zero Celsius for hours on Tuesday, with southern Minas Gerais the coldest since 1994, according to Rural Clima. Frost also hit northern Sao Paulo and Parana.
Somar Meteorlogia said that the freeze is expected to continue through Wednesday, keeping coffee crops at risk. Another cold front is expected to reach Brazil for July 29.
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