Arabica coffee prices hit a record level earlier in the session, as traders digest the withdrawal of President Trump’s threats to impose tariffs and economic sanctions on Colombia.

Continuous arabica coffee futures on the ICE were up 0.1% at $3.48 a pound in volatile evening trading in Europe, though they are up more than 40% over the past three months and 79% on year. Arabica set a fresh record of $3.56 earlier in the session, exceeding the prior record of $3.48 set in early December.