ice

Coffee prices tumble after record rally as El Niño fears and ICE margin hike fuel volatility

Coffee prices on the ICE exchange tumbled on Friday, with arabica down as much as 8%, after a record rally earlier in the week. The U.S. Climate Prediction Center forecast an 81% chance of a very strong El Niño, while ICE raised margin requirements, reducing liquidity and increasing volatility. Cocoa futures also plunged 10% but remained on track for strong weekly gains.