Arabica coffee futures jump to four-month high

Arabica coffee futures on ICE rose more than 2% on Tuesday to nearly a four-month high as the commodity continues to recover from a recent slide.

May arabica coffee KCc2settled up 4.1 cents, or 2.2%, at $1.8985 per lb, having hit its highest since mid-October during the session.

The market has been driven primarily by concern over soaring prices in the physical markets in top producers Brazil and Colombia.

Brazilian coffee farmers sold 78% of the current crop (2022/23, July-June) by Feb. 15, a slower selling pace than seen at this time last year (86%), consultancy Safras & Mercado said.

May robusta coffee rose $16, or 0.8%, at $2,133 a tonne.