Arabica coffee inch higher

Newyork: Arabica coffee futures on ICE firmed as it consolidated above last week’s 13-year low.

May arabica coffee settled up 0.60 cent, or 0.6 percent, at 94.25 cents per lb.

The market was consolidating above the 13-year low of 91.25 cents set last week, dealers said.

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The market was underpinned by a firmer currency in top grower Brazil, which was at its strongest against the U.S. dollar in nearly three weeks. A stronger Brazilian currency can discourage producer selling.

May robusta coffee settled up $4, or 0.3 percent, at $1,424 a tonne.

Vietnam, the world’s top robusta producer, exported 2.87 million 60-kg bags of coffee in March, up 49.5 percent from February, customs data showed.

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