MILAN – Arabica coffee futures posted new losses on Monday, the main contract for March delivery in New York fell to a one-month low of 122.15 cents, down 420 point from Friday. Ice Robusta coffee for March delivery lost $20 to a weekly low of $1,352. Activity is expected to pick up this week after the holiday season.
According to the latest Commitment of Traders report, the New York Arabica market has seen the Non-Commercial Speculative sector of this market increase their net long position within the market by 0.4% over the week of trade leading up to Tuesday 31st December, to register a new net long position of 21,628 lots, or 6,131,442 bags.
The market will closely watch the development of the new crop in Brazil. New estimates will be released this month including Conab’s first official forecast for crop year 2020/21, which is due on January 16th.
In other news, Brazil’s Trade Ministry last Thursday reported that Brazil’s total 2019 coffee exports climbed to a record 36.2 million bags even after December’s -22.9% year-on-year decline to 3.162 million bags.
