Coffee futures on Thursday marked a fifth consecutive trading session of losses, tugged down by dryer weather helping to fortify the harvest of the soft commodity in Indonesia while rain strengthens the development of crops, according to Bloomberg.
The primary growing region of Indonesia, Southern Sumatra, is poised to be on the receiving end of dryer weather as the week continues, according to meteorologists. The Dak Lak region of Vietnam is poised for 10 days of rain through June 20.
"Another round of beneficial rain was seen in the central highlands of Vietnam," which relaxes preoccupations about drought, states a Wednesday report authored by futures specialist Sterling Smith with Citigroup Inc. in Chicago, according o Bloomberg. Concerns about the reduced supply of Robusta are growing while "hopes of increased Asian demand thus far have been slow to develop."
At 11:20 a.m. on Thursday, coffee futures rose 0.24 percent, a 0.003-cent lift to $1.2475 per pound.
The Wall Street Journal reports coffee futures during the past 24 months have dropped roughly 54 percent, and Arabica coffee beans slipped to their lowest on Wednesday since September 2009.
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