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Hansen: Is coffee brewing for a break?
Arabica coffee for May delivery has fallen almost a quarter since the beginning of the year. The commodity is primarily produced in Brazil and has suffered in part by the continued strength of the US dollar, putting the Real under pressure.
But Saxo's Ole Hansen says the price is beginning to stabilise as he points to 129 cents/lb and 142.20 cents/lb levels. He says a break above 142.20 cents/lb potentially could see the bean target 155.
Keep an eye on not just USD but also the weather in South America, Hansen advises.
01:28 minutes
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