December 31, 2018 / 7:15 PM / 6 months ago

ICE coffee markets end 2018 with second straight yearly losses

FILE PHOTO: A worker harvests arabica coffee cherries at a plantation near Pangalengan, West Java, Indonesia May 9, 2018. REUTERS/Darren Whiteside

CHICAGO (Reuters) - Coffee futures on ICE closed 2018 down on a year-over-year basis on Monday, with both the London and New York markets seeing a second straight yearly decline on plentiful supplies in top-growing regions and pressure from the Brazilian currency.

March arabica coffee futures closed 2018 at $1.0185 per lb, up 0.9 cents from the prior session, as investors attempted to position for 2019. They were down 19.4 percent from the end of 2017.

Spot robusta coffee futures were down $3 from the prior session and ended the year down 11.2 percent year-over-year at $1,525 a tonne.

In September, arabica coffee prices sunk to their lowest since 2005, breaking below the key psychological level of $1.00 per lb. Prices sank to 92 cents per lb, as ample supplies and continued weakness in the Brazilian real weighed on markets.

Reporting by Renita D. Young; Editing by Paul Simao

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