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Robusta coffee hits 8-month high

Robusta coffee futures on ICE rose to an eight-month high on Wednesday, buoyed by resilient demand and declining exchange stocks.

November robusta coffee rose $17, or 1.2%, to $1,438 a tonne by 1330 GMT after touching an eight-month peak of $1,444.

Dealers said fundamentals for robusta were supportive, with a slight decline in production in top grower Vietnam expected in the 2020/21 season.

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They said a switch to in-home consumption has benefited robusta demand and that tenderable exchange stocks had been declining. Stocks were at 109,080 tonnes at Aug. 25, down from more than 150,000 tonnes a year ago.

December arabica coffee was up 2.45 cents, or 2%, at $1.2540 per lb.

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