Goldman Cuts Coffee Price Forecast as Inventories at 5-Year High
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Goldman Sachs Group Inc. cut its price forecast for arabica coffee futures traded in New York, citing a surplus that will take stockpiles to a five-year high at the end of the 2013-14 season.
Arabica coffee will be at $1.30 a pound on the ICE Futures U.S. exchange in three, six and 12 months, the bank said in a report e-mailed today. That’s down from a previous forecast of $1.45 a pound. The beans fell 12 percent this year to $1.263 a pound by 4:26 a.m. in New York.