Arabica coffee futures on ICE fell on Monday, approaching last week’s 13-year low as the market struggled to absorb excess supplies.
* May arabica coffee settled down 0.95 cent, or 1 percent, at 96.85 cents per lb, after trading in light volumes for the second consecutive session.
* Earlier, the contract traded as low as 96.30 cents per lb., closing in on last week’s 13-year low of 94.65 cents.
* Prices have been weighed down by excess global supplies, especially in top-grower Brazil, which harvested a record-large crop last year.
* Brazil’s production outlook for this year also appears favorable, even though it will be an off-year in the country’s biennial crop cycle.
* May robusta coffee was unchanged from the previous session and settled at $1,485 a tonne.
* In the previous session, the contract fell to a two-year low of $1,463, also pressured by plentiful global supplies.
Copyright Reuters, 2019