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Arabica coffee hits fresh 14-month low

Arabica coffee futures on ICE hit a fresh 14-month low on Thursday amid ongoing favourable weather in Brazil and worries over global demand.

December arabica coffee fell 0.3% to $1.7935 per lb​​ at 1149 GMT​, having hit a fresh 14-month low of $1.7870.

“Good levels of rainfall in Brazil in recent weeks have reinforced expectations for a bumper crop next year. This, combined with demand worries, has triggered a heavy sell-off so far in October,” Rabobank said in a note.

It added, however, that it expects ICE certified stocks – currently at their lowest in 23 years – to fall even further in the coming weeks, and its price outlook for arabica is therefore neutral.

January robusta coffee rose 0.6% to $1,887 a tonne, having hit its lowest in 14 months on Wednesday.

Also read  Arabica coffee hits highest in more than 2 weeks