NEW YORK/LONDON: Robusta coffee futures on ICE rose to a four-year high on Tuesday, boosted by potential disruptions to shipments out of top producer Vietnam, while New york cocoa prices climbed to nine-month peak.
November robusta coffee settled up $20, or 1%, at $2,102 a tonne, after setting a four-year high of $2,123.
Dealers said the spread of COVID-19 in Vietnam and measures to slow its spread were prompting concerns there may be disruptions to shipments with the harvest due to begin around November, while there also continued to be shipping bottlenecks.
“London is having trouble sourcing coffee from Vietnam due to a shortage of containers,” said Jack Scoville, a softs analyst with the Price Group in Chicago.
The Southeast Asian country dealt successfully with the virus for much of the pandemic but the virulent Delta variant has proved more challenging in recent months.
December arabica coffee rose 0.95 cent, or 0.5%, to $1.9395 per lb.
December New York cocoa closed up $50, or 1.9%, at $2,704 a tonne, having hit a nine-month high of $2,711.
December London cocoa rose 21 pounds, or 1.2%, to 1,835 pounds per tonne, after rising to a nine-month high of 1,843 pounds.
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