MILAN – Arabica coffee futures reached new highs yesterday on tighter coffee supplies and demand optimism. The benchmark contract for September delivery in New York surged 2.7% or 315 points to close at 121.05 cents per lb, the highest settlement since April 15.
Better prospects for consumption were a bullish factor in the coffee market. In its monthly report, the International Coffee Organization (ICO) revised on Tuesday its forecast for world consumption for 2019/20 to 168.492 million bags from 166.058 the previous month.
As a result, ICO is predicting now for the current coffee year a deficit of 486,000 bags versus a surplus of over 1.8 million bags in the June report.
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