Coffee: A Steaming Rally To Rival Oil – Investing.com

coffee, arabica, gone, oil, contract,
Gulf
  • Date: 13-Oct-2021
  • Source: Investing.com
  • Sector: Oil & Gas
  • Country: Gulf
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Coffee: A Steaming Rally To Rival Oil – Investing.com

Had growers in Brazil been told a year back that their coffee crop would have a bigger rally in 2021 than oil, they’d have probably laughed, then gone back to attending to their fazenda (farm).Yet, humor or not, that’s exactly what arabica is having: a bigger year than oil. As of Wednesday, the most-active futures contract of the premium grade coffee was up 66.7% on the year in New York trade, edging US front-month contract, which had a year-to-date gain of 65.6%.It has been a long journey to here for arabica, which hit 15-year lows of 86.35 cents a lb as late as April 2019—though that might seem in distant memory to today’s pricing, which hovers not far from the seven-year high of nearly $2.15 hit in July this year. Aside from its strong start for October, arabica has rallied in six of the last nine months, after missing out in January, March, and June.All charts courtesy of skcharting.comFrom a thin harvest in Brazil to too much rain in Colombia, the impact of weather gone wrong, along with weak crop yield and supply chain issues from the pandemic, have made it hard

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