Coffee prices have risen around the world. Arabica has broken the price record of 2009. Such price leap has already been called a speculation caused by rumours about the shortage of supply in South America.
This season Columbia – the second largest producer of Arabica worldwide, may harvest 540 000 tons of beans. Some time earlier the yield used to amount to 570 000 tons. Brazil is the largest producer, and here supply may drop by 11 percent. This has been caused by heavy downpour, which has delayed harvesting and worsened the quality of beans.
December future for coffee has risen by 6.5 percent at New York exchange ICE Futures U.S., having thus amounted to 1.7365 dollars per 0.45 kg.
The chart below reflects the current state of affairs in the market of coffee: rising five-wave impulse trend seems to be formed within coffee future. Such scenario will be supported by the break of the level of resistance 168. However, the start of the new rising trend will be denied if the level of support 157 is broken.
