Robusta coffee prices slip, arabica also weakens
Robusta coffee futures on ICE were lower on Wednesday, slipping back from the prior session’s 4-1/2 year high, while arabica coffee prices also fell.
January robusta coffee LRCc2 was down 2% to $2,224 a tonne by 1411 GMT, slipping back from a 4-1/2 year peak of $2,278 set on Tuesday.
Dealers said the market was struggling to overcome resistance around the peak of $2,279 set in February 2017 and could fall back further in the short-term.
The market remained underpinned, however, by disruptions to the flow of supplies from top robusta exporter Vietnam linked to a shortage of shipping containers.
December arabica coffee KCc1 fell 1.7% to $2.0460 per lb.
Dealers noted recent rains in Brazil had improved the outlook for next year’s crop in the world’s top arabica coffee producer.
Contributor: Reuters