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Coffee Prices Approach All-Time Highs Amid Global Supply Concerns
Coffee prices have surged to $255.80, nearing their all-time highs of $260.40, as market participants react to tightening global supplies. The market is closely watching to see if coffee can break through this critical resistance level, which has held firm since February 2022.
Fundamentally, the rally is driven by concerns over adverse weather conditions in major coffee-producing regions like Brazil, where droughts and unexpected frosts have impacted crop yields. Additionally, logistical challenges and rising production costs are adding further pressure on supply, contributing to the bullish sentiment.
If coffee prices manage to break above the $260.40 resistance, it could open the door for further gains, potentially leading to new record highs. However, if the resistance holds, we might see some profit-taking and a pullback to test lower support levels.
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