Coffee stocks monitored by the CE Mercantile Exchange fell by 22%
Coffee futures prices in New York climbed to a three-week high due to tight coffee supplies in Brazil and Colombia. Brazil and Colombia are the world's largest suppliers of high-quality Arabica coffee beans.
Coffee stocks monitored by the ICE Mercantile Exchange have fallen by 22% this year. Analysts say coffee roasters are eager to buy high-quality beans.
"Coffee fundamentals continue to provide support," said Marcio Bernardo, an analyst at New York Xinji America Co., Ltd. There is a lack of high-quality coffee beans on the spot market. "
Arabica coffee futures for July delivery on the ICE American Futures Exchange closed up 3.25 cents at $1.3855 a pound, up 2.4 per cent. At one point in intraday trading, the futures price climbed to $1.3865-the highest price for the most active contract since April 7.
Global coffee exports fell to 8.79 million packets in March from 9.3 million packets in the previous year, each weighing 60kg (132lbs), the International Coffee Organization (ICO) said on April 30th.
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