Inventories of robusta coffee beans were 105,140 metric tons on December 10, representing a reduction of more than 3 percent from two weeks prior, data on the New York Stock Exchange Liffe noted. Inventories since the all-time peak of 417,420 tons in July of last year have dropped 75 percent.
"There has been industry buying at the $1,830 to $1,840 a ton level," research and analysis head Andrea Thompson with the CoffeeNetwork in Northern Ireland told the news source on Wednesday. "The slight support you have been seeing in the past few weeks is due to the underlying fundamentals, with falling stockpiles."
At 10:54 a.m. on Wednesday, coffee futures increased 0.31 percent, a 0.0045-cent rise to $1.4445 per pound.
Robusta coffee prices are more than 2 percent higher this year while Arabica coffee beans have dropped 36 percent.
Reuters reports Vietnam, the second-largest producer of coffee trailing only Brazil, is anticipating reduced crops for this season's harvest.
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