Brent crude oil price stays bid while Arabica and Robusta coffee prices trade near recent highs
Outlook on Brent crude oil, Arabica and Robusta coffee ahead of Wednesday’s FOMC minutes and inflation print.

Brent crude oil price trades back around the $90.00 mark
Brent crude oil front month futures have come off Friday’s 91.59 high but managed to close Monday’s price gap, opened due to hopes of de-escalating tensions in the Middle East which now looks to have been premature. While Monday’s low at 88.45 underpins, Monday’s high at 90.71 remains in sight, a rise above which would target last week’s 91.59 peak.

Arabica coffee futures prices rally to levels last seen in October 2022
Front month Arabica coffee futures prices have accelerated to the upside and reached levels last seen in October 2022 when they hit a high at 214.31 on Monday. If overcome, the July 2021 high at 216.28 will be in sight, as well as the January 2022 low at 220.63. Potential slips should find support around the 201.94 December peak and the psychological 200.00 mark.

Robusta coffee futures hover below record highs
Robusta coffee futures made yet another record high, at least going back to 2014, when they rose to 3,792 last week. A rise above this level would put the psychological 4,000 mark on the map. Minor support below Monday’s 3,657 low is seen at the 3,534 late March high.

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