Coffee futures set to soar as stockpiles dwindle

NEW YORK: Coffee futures in New York may rise to an 11-month high in the next two months because stockpiles will drop until newly harvested supplies begin arriving in October, said Jack Scoville at Price Futures Group.

The chart accompanying this story shows inventories of arabica coffee monitored by ICE Futures US in New York plunged 24 percent from an almost four-year high on Oct 24, and prices gained 26 percent since then.

Supplies at warehouses in New York, Houston, New Orleans, Miami, Barcelona, Hamburg and Antwerp, Belgium, may fall to 3.5 million bags before new crops arrive, and prices may jump 8.5 percent to $1.485 a pound, Scoville said.