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Arabica coffee gains as roasters snap up bargains

From bcrecorder.com

Arabica coffee futures on ICE rose for a second day running on Friday as roasters snapped up bargains following the contract low hit earlier this week, while raw sugar also rose.

COFFEE

* May arabica coffee rose 0.8 cents, or 0.9 percent, to 94.80 cents per lb by 1430 GMT, having set a contract low of 92.60 this week.

* Prices are on track to drop 3.1 percent in March, after falling 9.7 percent in February.

* Dealers said while coffee remains heavily oversupplied, roasters are tempted to pick up bargains at the lows, while the recovery late this week in the Brazilian real has also helped.

* The real rose on Friday, extending its recovery from this week’s 2019 lows and discouraging Brazilian producers from selling dollar-priced Arabica.

* May robusta coffee fell $9 or 0.6 percent at $1,483 per tonne.

* Vietnam’s coffee exports in the first quarter of this year are expected to fall 15.3 percent from a year earlier to 477,000 tonnes.

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