Arabica coffee prices falls as new COVID-19 strain sinks markets

Arabica coffee prices fell on Monday by news of a fast-spreading new coronavirus strain that shut down much of the United Kingdom and disrupted international freight.

The dollar surged versus most currencies, making dollar-priced soft commodities.

March arabica coffee settled down 0.95 cents, or 0.8%, at $1.243 per lb, having hit a one week low earlier.

Arabica closed last week up 3.6% despite upward revisions during the week to the Brazilian 2020 crop.

Speculators raised their net long position in arabica in the week to Dec. 15 by 4,295 contracts to a total long of 19,469 contracts, data showed.

Dealers said arabica had topped out for now and would struggle to trade higher with Europe heading into another lockdown.

March robusta coffee settled up $3, or 0.2%, at $1,383 a tonne.

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Source:www.brecorder.com