The price of arabica coffee futures on the ICE Futures New York commodities exchange at the close of trading on Friday (07/07) ended down. A weaker Arabica coffee price occurs despite data showing a fourth consecutive month of decline in Colombian year-on-year production, amid the view that the decline is only a temporary setback.
The Colombian coffee producer federation, Fedecafe, pegged to 1,049m pocket production last month in the second-largest arabica developing country, down 9.8% year on year.
The figure represents six times in the last seven months when production fell below last year's level.
And while Fedecafe showed Colombian exports rose 3.4% last month, at 964,000 tonnes, the rise reflects a comparison with the figures a year ago when shipments were disrupted by a truck strike.
The price of Arabica coffee futures for the most active contract in September 2017 closed down at 1.2910 dollars, up by 0.90 cents or equivalent to 0.69 percent.
Tonight will be released Data Nonfarm Payrolls June US indicated increased. If realized will strengthen the US dollar.
Analyst Vibiz Research Center estimates that price movement of arabica coffee futures on ICE Futures New York in next trade potentially weak if US dollar strengthening occurs. The price of arabica coffee futures on ICE Futures New York potentially to test the Support level at the position of 1.2600 dollars and 1.2300 dollars. While the level of resistance that will be faced if there is a price increase is in the position of 1.3200 dollars and 1.3500 dollars.
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