ICE coffee futures fell on Monday on profit taking, reversing earlier gains on news of Joe Biden’s election as president of the United States and promising developments from Pfizer’s COVID-19 vaccine candidate.
* December arabica coffee edged down 0.1 cents, or 0.1%, to $1.0685 per lb.
* Arabica has gained some support from concerns recent dry weather could contribute to a significant production decline in top grower Brazil next year.
* One dealer said the dollar weakness expected following Biden’s win, plus a recovery in demand as coronavirus cases recede, should lift coffee prices longer term.
* January robusta coffee settled down $3, or 0.2%, at $1,347 a tonne, having hit its highest since late September.