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Arabica coffee prices fall on positive supply view

 Arabica coffee futures on ICE closed down on Tuesday as a favorable outlook for Brazil’s production kept the market on the defensive.

March arabica coffee settled down 0.6 cent, or 0.4%, at $1.511 per lb​​.

Dealers said an improved outlook for Brazil’s arabica crop after recent rains was continuing to weigh on prices.

They noted exchange stocks were also continuing to climb, although increased demand following the recent fall in prices had slowed the pace of the rise.

ICE certified coffee stocks were at 850,354 bags on Tuesday after 6,380 bags were added, but a similar amount left, and a volume of more than 14,000 bags failed grading. There were 120,864 bags still pending grading.

Brazil shipped 35.57 million 60-kg bags of green coffee abroad in 2022, down 2.6% from the previous year, industry group Cecafe said on Monday.

March robusta coffee fell $12, or 0.6%, at $1,895 a tonne.

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