Coffee Futures Special Report
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Coffee Futures Special ReportCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Coffee Futures: Coffee Drops as Harvests May Boost Supplies; Sugar Gains; Cocoa Declines September 7th, 2010 Coffee fell for the first time in four sessions on expectations that harvests from major South American producers will add to bean supplies. Sugar climbed to the highest price in almost six months, while cocoa declined. Coffee futures before today jumped 55 percent in the past year as inventories fell and traders speculated that too much rain would damage crops in Brazil and Colombia, the biggest producers. Colombia’s crop “seems to be recovering and the market could ease a little bit,” said Nestor Osorio, the outgoing executive director of the International Coffee Organization. The “bulk” of the South American harvests will run from next month through December, he said. Coffee futures aracica for December delivery dropped 3.45 cents, or 1.8 percent, to $1.835 a pound at 9:22 a.m. on ICE Futures U.S. in New York. The most-active contract jumped 4.5 percent last week. Coffee robusta for November delivery dropped $32, or 2 percent to $1,585 a metric ton on NYSE Liffe in London. In Vietnam, the largest grower of robusta beans, rain may delay the start of its harvest for one month into December, Morgan Stanley said today in a report. Arabica coffee is grown mainly in Latin America and favored for specialty beverages such as those made by Starbucks Corp. The beans are milder than robusta, which is used in instant coffee and espresso and cultivated mostly in Asia and parts of Africa. Coffee, Sugar, CocoaRaw sugar futures for October delivery gained 0.52 cent, or 2.5 percent, to 21.12 cents a pound. Earlier, the price climbed to 21.18 cents, the highest level since March 9.Pakistan, Asia’s third-largest consumer, may buy as much as 500,000 metric tons of raw sugar by December, according to the nation’s sugar mills association. White sugar futures for December delivery rose $4.50, or 0.8 percent, to $553.40 a ton in London. Cocoa futures for December delivery declined $24, or 0.9 percent, to $2,748 a metric ton on ICE in New York. As of Aug. 31, hedge funds and other large speculators were net-short, or betting on lower cocoa prices in New York for the first time since October 2008, according to U.S. Commodity Futures Trading Commission data. In London, cocoa futures for September delivery fell 21 pounds, or 1.1 percent to 1,942 pounds ($2,976) a ton on NYSE Liffe. - Chris Kay in London and Debarati Roy in New York at Bloomberg. Click here for your Free Coffee Futures Trading eGuide |
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