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Arabica coffee on ICE Futures US rose Monday on fund buying linked to a weak US dollar and continued tight supplies of arabica coffee beans in the marketplace, with chart strength also applying upward price pressure, a broker says. Supplies of top-quality arabica beans are extremely tight before the Central American and Colombian harvests commence in the fall.
Coffee prices will likely ease from their elevated levels once the new 2010-11 crop is available and supply concerns ease, the International Coffee Organization says. Global coffee consumption in 2009 fell by 1.5% to 128.8 million bags, from 130.7 million in 2008, the ICO says. It maintained world production for the 2010-11 crop year in a range of 133 million to 135 million bags. Coffee futures attracted chart-based buying after the September contract rallied above Friday's high on its way to a two-week top of $1.8060 a pound. Volume is pegged at 33,373 contracts, with 8,002 calls and 5,952 put options traded. Nearby September coffee on ICE rose 3.20 cents, or 1.8%, to settle at $1.7870 a pound.
Coffee prices will likely ease from their elevated levels once the new 2010-11 crop is available and supply concerns ease, the International Coffee Organization says. Global coffee consumption in 2009 fell by 1.5% to 128.8 million bags, from 130.7 million in 2008, the ICO says. It maintained world production for the 2010-11 crop year in a range of 133 million to 135 million bags. Coffee futures attracted chart-based buying after the September contract rallied above Friday's high on its way to a two-week top of $1.8060 a pound. Volume is pegged at 33,373 contracts, with 8,002 calls and 5,952 put options traded. Nearby September coffee on ICE rose 3.20 cents, or 1.8%, to settle at $1.7870 a pound.
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