* First time such shipments have happened in at least two

* More shipments planned – would take ICE stocks to 20-year

* ICE coffee futures seen underpriced as spot mkt premiums
records – trade

LONDON/NEW YORK, June 16 (Reuters) – Commodity traders are
shipping arabica coffee from Europe-based ICE futures exchange
warehouses to the United States, five trade sources told
Reuters, reflecting the impact of erratic weather on global
supply that could raise costs for the popular drink.

The bulk of global arabica coffee, the most commonly used
variety, is produced in central and south America so shipping it
from one major consuming region to another is highly unusual.

Drawing beans out of ICE exchange stockpiles rather than
from private, commercial stocks also means all market
participants will see the stock fall – a move likely to push
world coffee prices beyond near-10 year highs.

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