Price of coffee is surging 4% today and the commodity trades at the highest level since December 2017. Rally can be ascribed to the latest ICO report that showed a massive drop in exports in October and hinted on a deficit in 2018/19 and 2019/20 seasons. Moreover, global coffee stockpiles tracked by ICE slid to the lowest level in three years.
Supply concerns and strong demand over the past few weeks caused significant price gains on the coffee market. Source: xStation5
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