Robusta coffee advances to 7-month high
Friday, 11 June 2010
LONDON, June 10 (Bloomberg): Robusta coffee rose to a seven-month high in London on concerns that lower production will lead to tight supplies.
Global coffee production will be 120.6 million bags in 2009-10, compared with 128.1 million bags a year earlier, the London-based International Coffee Organisation said in an e-mailed statement Thursday. Output for 2010-2011 was expected to be between 133 million and 135 million bags, according to the report.
Robusta coffee for September delivery climbed $46, or 3.3 per cent, to $1,453 a metric tonne on the Liffe exchange at 10:40 am. It earlier advanced to $1,457, the highest price since October 20.
Global coffee production will be 120.6 million bags in 2009-10, compared with 128.1 million bags a year earlier, the London-based International Coffee Organisation said in an e-mailed statement Thursday. Output for 2010-2011 was expected to be between 133 million and 135 million bags, according to the report.
Robusta coffee for September delivery climbed $46, or 3.3 per cent, to $1,453 a metric tonne on the Liffe exchange at 10:40 am. It earlier advanced to $1,457, the highest price since October 20.