Global arabica coffee prices hit record highs above $3.60 per lb on Wednesday as Brazil, by far the world's largest producer, has few beans left to sell and as worries over its upcoming harvest persist.

Arabica coffee futures, traded on the ICE exchange, hit a record high of $3.6945 per pound earlier in the day, marking an increase of nearly 15% this year. The contract later closed at $3.6655 per pound, reflecting a 2.5% gain.

Coffee prices have soared to a record high after Donald Trump’s threat to slap Colombia with trade tariffs sent jitters coursing through the market.

Extremely tight supplies and fears over the outlook for the coming crop are sending Arabica coffee futures into uncharted territory

Thursday close up +6.85 (+1.87%), and March ICE robusta coffee (RMH25) closed up +125 (+2.23%). Coffee prices Thursday extended this week's rally, with arabica soaring to a new all-time nearest-futures high and robusta posting a 2-month high.

The relentless coffee price rally continued on Thursday as arabica futures on the ICE exchange hit a new record approaching $4 per lb on extremely tight supplies and fears over the outlook for the coming crop.