Coffee jumps to five-month high
Monday, 14 June 2010
NEW YORK, June 13 (Bloomberg): Coffee prices jumped to the highest level since December in New York after a rally in London futures triggered buying from speculators betting on tightening supplies. Sugar also gained, whiles cocoa slipped.
European coffee stockpiles fell 4.7 per cent to 10.7 million bags on April 30 from a month earlier, the European Coffee Federation said today in an e-mailed report. Robusta futures soared to a one-year high in London on signs of lower exports from Vietnam, the world's biggest grower of the variety used in instant coffee and blends.
"The European stocks have been coming down hard," said Judith Ganes-Chase, a Katonah, New York-based commodity consultant. "People are jumping into the pool here, and there's also some short-covering."
Arabica coffee for September delivery rose 7.35 cents, or 5.3 per cent, to $1.461 a pound on ICE Futures US in New York, the biggest gain for a most-active contract since January 6, 2009. Earlier, the price touched $1.4755, the highest level since December 18. The contract advanced 8 per cent this week.
On the Liffe exchange, robusta-coffee futures for September delivery climbed $51, or 3.5 per cent, to $1,524 a metric tonne, after touching $1,538, the highest price since June 11, 2009.
European coffee stockpiles fell 4.7 per cent to 10.7 million bags on April 30 from a month earlier, the European Coffee Federation said today in an e-mailed report. Robusta futures soared to a one-year high in London on signs of lower exports from Vietnam, the world's biggest grower of the variety used in instant coffee and blends.
"The European stocks have been coming down hard," said Judith Ganes-Chase, a Katonah, New York-based commodity consultant. "People are jumping into the pool here, and there's also some short-covering."
Arabica coffee for September delivery rose 7.35 cents, or 5.3 per cent, to $1.461 a pound on ICE Futures US in New York, the biggest gain for a most-active contract since January 6, 2009. Earlier, the price touched $1.4755, the highest level since December 18. The contract advanced 8 per cent this week.
On the Liffe exchange, robusta-coffee futures for September delivery climbed $51, or 3.5 per cent, to $1,524 a metric tonne, after touching $1,538, the highest price since June 11, 2009.