Coffee Spread Betting Markets Near 10 Year Highs

The 20% rise in coffee prices over the past few days has largely been down to concerns about poor crop harvests in Vietnam and Central America.

The market also has concerns about the forthcoming harvest in Brazil which could cause a shortfall in global supplies of the commodity.

The last time they were at these heady levels was in 2008, just prior to the commodity price crash and the pre-credit crunch sell-off.

They are still short of the peaks that they put in then, but nevertheless they are still getting close to their 10 year highs.

A break above these 10 year highs has the potential to target levels last seen in prices in the mid 1990’s, when coffee traded well in excess of 250c and as high as 318c in May 1997.

The current up trend has support around the 135c area as well as around 110c in the longer term.

The Organisation for Economic Co-operation and Development (OECD) alongside the UN Food organisation is expected to publish forecasts tomorrow for market trends in agriculture over the next 10 years.

Given the fact that the last two years have seen relatively weak harvests, the long term outlook is expected to point to higher prices.

This is borne out by the last 10 years which has seen the upward pressure on prices maintained and this is expected to continue while trading above the up trends that have been in place on a long term, and short term basis.

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'Coffee Spread Betting Markets Near 10 Year Highs', Feature by D. Jones, last update: 21-Jun-10

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