Arabica coffee futures rose on Monday, hitting a six-week high as the delivery notice period for the spot contract began amidst limited activity on the ICE exchange.
The Arabica coffee contract closed 19 cents higher at $3.4165 per pound, marking a 5.9% gain for the session. During the day, prices touched $3.4255—a six-week high. The spot contract reached $3.7795, the highest price since January.
Certified Arabica stocks at ICE continue to decline, nearing a 26-year low.
Coffee broker and consultant Mike Nugent noted that the delivery notice period opened with minimal volume, with only a few dozen notices issued.
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