On Monday, March 9, when markets across all asset classes were melting down, the price of coffee futures that trade on the Intercontinental Exchange closed higher. Since the selling in crude oil, stocks, and a host of other markets began falling on Sunday night, March 8, and the volatility continued throughout the day on March 9. Traders and investors likely had a sleepless night, and coffee consumption was undoubtedly higher than usual.
In 2018, the price of coffee futures on the Intercontinental Exchange fell below the $1 per pound level for the first time in a dozen years when the price traded to a low of 92 cents. After a rebound to $1.2550 late in 2018, the price descended to a lower low of 86.35 cents per pound in April 2018, which was the lowest price since 2005.