(Bloomberg) — Coffee futures in New York rose. That’s not a misprint.
Arabica for May delivery rose 1.7% to close at $1.092 a pound on ICE Futures U.S. in New York. At one point, the price jumped as much as 3.3%. In the previous three sessions, the commodity plunged 12%, the most since October 2008.
“With the very tight supply situation for mild arabicas in Central America, coffee should not go down,” Rodrigo Costa, the U.S.-based coffee director at Comexim, said in a telephone interview. Even in Brazil, the world’s top producer and exporter, “there’s no availability,” he said.