Robusta coffee gains 10pc this week

NEW YORK, July 13 (Reuters): Robusta coffee futures on ICE closed up on Friday, just shy of a record high set on Thursday, gaining 10 per cent in the week amid lower exports from Vietnam and news of diminishing Brazil supplies. Arabica coffee also rose on Friday to make a 8.6 per cent weekly gain.

September robusta coffee settled up $41, or 0.9 per cent, at $4,617 a metric ton, having set a record high of $4,681 on Thursday.

Dealers said the harvest in top producer Brazil was now around 70 per cent complete with both arabica and robusta crops seen smaller than initially expected.

Brazil's exporters group Cecafe said the market consensus is for a robusta crop 10 per cent smaller than initially thought this season, while arabica production could be 5 per cent smaller.

Coffee prices in Vietnam inched higher, with trading activities coming to a halt due to a prolonged shortage of robusta beans, traders said.

September arabica coffee rose 1.6 per cent to $2.4875 per lb after hitting a 2-1/2 year high of $2.5530 on Thursday.