Arabica Coffee Open Interest Soars as Drought Hits Supply: Chart

ICE, Bloomberg

Arabica coffee open interest -- that is, the number of outstanding futures contracts for the commodity -- surged to 209,653 in New York on Wednesday, the highest level according to data that goes back to 1995. The increase "is further validation of the bullish trend" in coffee prices, said Hernando de la Roche, senior vice president for INTL FCStone in Miami. Futures prices for arabica, the type of coffee bean favored by Starbucks Corp., are up 30 percent for the year after drought curbed supplies in Vietnam, India and Brazil.

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