Morning Review: Arabica Coffee Futures fell as rainfall in Brazil eased concerns about crop damage
New YORK / London (Reuters)-ICE Arabica coffee futures plunged as much as 4 percent on Wednesday as technical weakness triggered a late sell-off and rain in Brazil, the largest coffee grower, eased fears of drought damage.
ICE raw sugar futures fell as cocoa futures fell due to short-term ample supply as more investors expected a glut.
Benchmark ICE- December Arabica coffee futures fell 7.15 cents, or 3.4%, to close at $2.023 a pound. The contract fell as much as 8.4 cents in late trading as volume widened by technical resistance after failing to rise above the one-month high of $2.0995 hit yesterday.
Rain in coffee-growing areas in Brazil weighs on coffee prices throughout the day.
Liffe- November Robusta coffee futures closed down $50, or 2.4%, at $2062 a tonne.
ICE- October raw sugar futures closed down 20 cents, or 1.3%, at 15.62 cents per pound.
Liffe- October sugar futures fell $3.20, or 0.7%, to close at $425.60 a tonne.
In the cocoa market, ICE- December cocoa futures hit an one-month low of $3144 before rebounding to close down $19, or 0.6%, at $3146 a tonne.
Liffe- December cocoa futures closed up £2, or 0.1%, at £1992 a tonne.
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Signed a contract to grow coffee beans but no one bought them (group of pictures)
The old man Ren Mutong recorded the detailed information of each client. Qiao Wenhui's warehouse stacked more than 300 mu of herbal coffee beans that had been purchased by hundreds of villagers, most of which were still stored in growers' homes. The company said that not all the purchases were due to the broken capital chain, promising to buy coffee beans within two months, reporter Zhang Jiewen, reporter Luxia photography and reading.
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Robusta Coffee Lower on London International Financial Futures Exchange
LONDON, Sept. 4 (Reuters)-November Robusta coffee futures closed down $50, or 2.4 percent, at $2,062 a tonne Wednesday on the International Financial Futures Exchange. Weaker technical conditions triggered a late sell-off, while rain in Brazil, the biggest coffee grower, eased concerns about crop damage from drought. ICE raw sugar futures lower due to abundant short-term supply
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