SOFTS-Arabica coffee heads back towards multi-year highs
LONDON, Nov 23 (Reuters) – Arabica coffee futures on ICE recovered on Tuesday, heading back towards a recent near 10-year high on persistent supply tightness linked mostly to logistical snags.
COFFEE
* March arabica coffee KCc2 rose 1.1% to $2.3380 per lb at 1142 GMT. The market climbed to $2.3955 on Friday, its highest in nearly 10 years.
* The uptrend is seen intact even at these levels. Rabobank said worries about logistical issues has spurred panic buying across the market.
* Dealers said roasters are rushing to buy, having collectively given up on the hope that prices will fall.
* They also noted nearby coffee futures are moving to a premium versus those further out, indicating supply tightness.
* Certified stocks continue to fall in both arabica and robusta.KC-TOT-TOT
* March arabica may retest resistance at $2.3865 per lb, a break above which could lead to a gain to $2.4260-$2.4895, a Reuters technicals analysis showed.
* January robusta coffee LRCc2 rose 0.5% to $2,262 a tonne.
(Source: https://www.nasdaq.com/articles/softs-arabica-coffee-heads-back-towards-multi-year-highs)