Global oversupply continues to drive down prices, with Arabica coffee changing from rising to falling
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New YORK (Reuters)-ICE Arabica coffee futures fell on Monday as weak technology and global oversupply continued to weigh on the market, earlier climbing to a 10-day high, while cocoa and raw sugar prices in New York also fell.
London's cocoa, Robusta coffee and sugar futures markets were closed Monday for the Easter holiday.
Coffee, sugar and cocoa markets in London and New York were closed on Friday.
Arabica coffee closed down 0.05 cents, or 0.05%, at 92.85 cents a pound in July, rising to 95.25 cents earlier, the highest since April 11, traders said, due to short covering.
An American trader said the contract failed to rise above the 62% retracement level of April 4 high and April 17 low of about 95.43 cents, and weak technical aspects led to a fall in prices.
The contract plunged to a 13-and-a-half-year low of 89 cents last week as a global coffee glut continued to drive down prices.
Speculators increased their net short positions in Arabica coffee by 7916 to 79067 in the week ended April 16, the largest since October, according to government data released on Friday.
China's Luckin Coffee filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission on Monday.
New York cocoa closed down $30, or 1.3%, at $2342 a tonne in July.
May raw sugar futures closed down 0.22 cents, or 1.7%, at 12.54 cents a pound, hitting an intraday high of 12.80 cents in more than a week.
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