MILAN – Arabica coffee futures rallied on Monday recording their best daily gains in nearly three months. The most active contract for May delivery rose 405 points, almost 4 percent, on speculative buying and settled to a two-week high of 120.60 cents per lb. Ice Robusta closed mixed with all the contracts posting slight gains over Friday’s session except for the front month.
Cocoa futures also rose boosted by continued concerns about tightening from Ivory Coast due to dry weather.
Prices were also helped by another recovery in global markets and commodities. In Brazil, the real strengthened with other emerging market currencies, due to the recovery in commodities as investors anticipate China’s support to their equity markets.
In Colombia, the peso strengthened 450 points against the dollar, at COP3309, helped mostly by the rise in oil prices.
