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Coffee prices up as global banking fears ease

Coffee futures on ICE rallied on Tuesday as the rescue of Credit Suisse eased worries about global banking turmoil.

May robusta coffee was up 1.8% to $2,125 a tonne at 1458 GMT, after hitting a five-week low of $2,023 on Monday.

An expected deficit this season is helping robusta, though dealers said there is still some near-term pressure from a rise in ICE-certified coffee stocks.

May arabica coffee rose 0.8% to $1.7985 per lb, having set a six-week low of $1.7105 last week.

Dealers noted that physical premiums in Colombia and Central America are easing. They said arabica is recovering at present largely because fears over a banking sector meltdown have ebbed.

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