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Arabica Coffee Prices at 5 Weeks High

Arabica Coffee Prices on ICE pushed to its highest level in over five weeks due to strong Brazilian currency.

March arabica coffee settled up 2.3 cents, or 2.2 percent, at $1.0505 per lb after earlier touching $1.0605, its highest since Nov. 30.

Brazil’s currency – the real – has firmed over 6 percent against the US dollar since the end of December, lifting coffee prices, dealers said. A stronger real discourages producer selling by diminishing local returns on dollar-traded commodities like coffee and sugar.

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Prices also got a boost after breaking above technical levels, dealers said. The market’s move above recent highs around the $1.0390 and $1.04 levels triggered additional buying interest, said Rodrigo Costa, director of trading at Comexim USA.

Honduran coffee exports fell more than 15 percent in December due to delays in the harvest, the head of the country’s association of coffee exporters said on Monday.

March robusta coffee settled up $14, or 0.9 percent, at $1,556 per tonne.

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