We see the context of these words in verse 14, ‘Wherefore, my dearly beloved, flee from idolatry’; and again in verse 19, ‘What say I then? that the idol is any thing, or that which is offered in sacrifice to idols is any thing?’ So around these verses are exhortations and statements about idolatry or idols. In context Paul is arguing that just as the Christian has communion with the Lord at the Lord’s Supper, and believers together have communion with one another via a common loaf; just as the Israelites, who offered up sacrifices on the altar in the temple, were partakers of the altar, so those who offer sacrifices to idols have fellowship with the idol.
Who would be absent from the Lord's Supper? Who has no feeling? Who has no power of mind to see these things so simply represented, and to feel them, and to thank him for them? Just a cup, the cup of blessing, the source of all our eternal life and blessing, represented in a cup. So I drink it, which signifies that I depend upon it for life. From this cup flows my new nature, my new understanding, the life poured into my soul. It represents all that flows into me at conversion, and all the joy and the peace which I am given through the blood of Christ. ‘The cup of blessing’: it represents all our blessing. Here in this cup is my eternal life represented, my transport to heaven, when I breathe my last and my eternal bliss.