MILAN – Coffee futures prices rose sharply Wednesday in both markets. Robusta futures in London hit a nearly six-month high: the benchmark contract for September delivery jumped to its highest close since late January at $1,357 a tonne, or a $40 gain on the previous day.
In New York, September Arabica coffee settled 6.6 cents up, or 6.5% higher, at $1.0835 per lb, the highest level since the first half of May.
A steady decline in Robusta coffee inventories has sparked fund buying in Robusta coffee futures as ICE-Robusta certified stocks fell to a fresh 1-1/2 year low Wednesday.
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