ICE Coffee futures are now trading at around $1.65 per pound.
However, others remain pessimistic about the coffee outlook, arguing that the damage to Brazilian coffee bean trees has already been done. [Coffee ETNs Could Perk Up On Persisting Crop Damage]
“The rains did help plantations recover in Brazil, but they didn’t fix the problem,” Thiago Cazarini, president of Cazarini Trading Co., said in the article. “A lot of the fruit will not develop, and that could lead the market up.”
iPath Dow Jones-UBS Coffee Total Return Sub-Index ETN
For more information on the coffee market, visit our coffee category.
Max Chen contributed to this article.