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Robusta coffee hit the lowest price in 2-1/2 months

March arabica coffee rose 1 cent, or 0.4%, to $2.389 per lb​, having gained 2.1% by the close on Tuesday.

“The arabica market has struggled to break through resistance of (about) $2.50. But supply chain issues and a tight forward balance sheet should continue to support prices at (or) above $2.20 in the short term,” said Citi in a note.

Citi sees a small global coffee surplus of 1.1 million bags for 2022/23 but warned that recent excessive rains in key producers Brazil and Colombia could tighten the market balance going forward.

Robusta coffee hit the lowest price in 2-1/2 months

March robusta coffee LRCc2 fell $19, or 0.8%, to $2,218 a tonne. The contract hit a 2-1/2-month low earlier at $2,211.

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