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.

Arabica coffee prices hit an all-time high on the Intercontinental Exchange at $3.48 a pound, according to the Wall Street Journal. Coffee prices are up more than 40% over the last three months and 79% year-over-year,

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.

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.

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.