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Rich Asplund

BIZARRE: Supply concerns support coffee prices - You Need To See This

Ice Iran Arabica Brazil FAs Strait of Hormuz

May arabica coffee (KCK26) on Thursday closed up by +4.50 (+1.57%), and May ICE robusta coffee (RMK26) closed up by +72 (+2.03%).

Coffee prices finished sharply higher on Thursday due to the Iran war, which has closed the Strait of Hormuz and disrupted global shipping.  Iran’s Supreme Leader Ayatollah Mojtaba Khamenei said today that Iran’s leverage of closing the Strait of Hormuz should be used, and UK Defense Secretary Healey said it is increasingly evident that Iran is laying mines in the Strait of Hormuz.  The closure of the waterway has increased global shipping rates, insurance, and fuel costs, and raises costs for coffee importers and roasters.  

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