By Nelson Mandela Muhoozi
Today’s coffee market analysis
London International Financial Futures and Options Exchange (LIFFE) Robusta coffee futures: Closed lower across the board on Thursday.
November position closed at 2,407 per tonne losing US$ 49, while January position closed at US$ 2,325 per tonne losing US$ 35 over the previous closing.
Inter-Continental Exchange (ICE) Arabica coffee futures: Closed lower across the board on Thursday. December’s position closed at US cents 149.80 per lb losing US cents 4.00 while March closed at US cents 150.95 per lb losing US cents 3.85 over the previous closing.
Coffee prices on Thursday settled lower, with Robusta posting a 1-1/2-week low as the increase in the dollar index to a 5-3/4 month high weighed on most commodities, including coffee.
Despite the loss, coffee prices still have support of concern that excessive rain in Brazil’s coffee-growing areas will delay the completion of its coffee harvest.
Somar Meteorologia, the meteorological agency in Brazil on Monday reported that Minas Gerais a region that accounts for about 30% of Brazil’s Arabica crop, received 22.8 mm or 308% of the historical average of rain in the past week.
Note; Price (sh/kilo), Exchange rate (1 US$ =sh3,733)
