Robusta coffee slides on signs of easing supply tightness
Robusta coffee futures on ICE fell on Thursday, heading towards Monday’s one-month low on signs of easing supply tightness.
March robusta coffee slid 1.4% to $2,251 a tonne at 1532 GMT, nearing Monday’s one-month low of $2,240.
Dealers cited talk that robusta coffee from Vietnam, the world’s top robusta producer, is finally heading to ICE-certified warehouses, as premiums for the coffee fall, offsetting high shipping costs.
Vietnam’s coffee exports in December rose 57.6% from November, though for 2021 as a whole, the country’s exports of coffee were down 0.2% from a year earlier, data showed.
March arabica coffee fell 0.3% to $2.4025 per lb, having hit a one-month peak on Wednesday.
Coffee farmers in Brazil, the world’s largest producer and exporter, have sold 82% of the 2021/22 crop by Jan. 10, outpacing the historical average of 74% for the period, consultancy Safras & Mercado said.
