By M. Shankar and Elizabeth Campbell
June 24 (Bloomberg) -- Arabica-coffee prices soared to a 12-year high amid dwindling U.S. inventories and limited premium-bean supplies. Robusta futures rose to a 15-month high.
Stockpiles monitored by ICE Futures U.S. have dropped 27 percent this year to the lowest level since September 2002. Two consecutive poor harvests in Central America and Colombia and rain damage last year in Brazil, the world’s biggest producer, reduced export supplies of high-quality arabica, Kona Haque, an analyst at Macquarie Group Ltd. in London, said in a report.
“Because of this production shortfall, a lot of these producers are just holding onto coffee,” said Fain Shaffer, the president of Infinitytrading.com, a broker in Medford, Oregon. “Stocks in New York have been dwindling. It’s a quality issue.”
Arabica coffee for September delivery rose 8.25 cents, or 5.1 percent, to $1.6875 a pound on ICE Futures U.S. in New York. Earlier, the price reached $1.765, the highest level since February 1998.
Total estimated volume today was 27,391 contracts. On June 11, ICE reported record volume of 110,952.
Robusta futures for September delivery climbed $69, or 4.4 percent, to $1,649 a metric ton on the Liffe exchange in London. Earlier, the price climbed to $1,694, the highest level since March 2009.
Demand for both varieties “remains unwaveringly steady, despite the economic downturn,” Haque of Macquarie said.
Arabica coffee is grown mainly in Latin America and brewed by specialty companies including Starbucks Corp. Robusta beans, used in instant coffee and espresso, are harvested mostly in Asia and parts of Africa.
Arabica had the top gain today among 19 raw materials in the Reuters/Jefferies CRB Index. This year, the price has climbed 24 percent, the second-biggest increase in index components. Hogs have advanced 27 percent.
Robusta is up 27 percent this year. Vietnam is the biggest producer of the grade.
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