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Arabica coffee price sinks to lowest in over 13 years

From fp.brecorder.com

Arabica coffee futures on ICE fell on Monday to a December 2005 low as the harvest in top grower Brazil loomed over an already oversupplied market, while New York cocoa rose to a more than two-month high.

May arabica coffee settled down 2.4 cents, or 2.5 percent, at 92.10 cents per lb.

Prices traded as low as 91.65, the lowest since Dec. 14 2005.

Coffee prices have collapsed on surplus supplies, especially from Brazil.

The proximity of the Brazilian harvest was now adding more pressure to the market, said Rodrigo Costa, director of trading at Comexim USA.

Brazil’s arabica harvest starts next month, while the harvest of conilon, the variety of robusta grown there, starts this month.

 

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