Porto Alegre, February 23, 2021 - The New York Commodities Exchange (Ice Futures US) for Arabica coffee ended Tuesday's operations with rising prices.
In a volatile session, the market established itself in a positive field, extending Monday's rally, touching the highest levels in five and a half months, with technical and fundamental factors pulling prices.
Breaking important graphic resistances, automatic purchases of funds and speculators (the so-called stops) were triggered, intensifying the gains. On the fundamental side, concerns about the 2021 harvest in Brazil keep investors on the defensive.
The consultancy SAFRAS & Mercado estimates a potential drop of 18% in the 2021 harvest, which should total 57.10 million bags, against 69.50 million bags in 2020.
Contracts with delivery in May / 2021 closed the day at 138.30 cents per pound, up 3.35 cents, or 2.5%. The July / 2021 position closed at 140.05 cents, a gain of 3.35 cents (2.45%).
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