Morning Review: ICE Arabica Coffee Futures fell
New YORK / London (Reuters)-Arabica coffee futures fell on Wednesday, retreating from a two-and-a-half-year high hit this week, with intraday volatility as buyers remained on the sidelines and speculator-led buying sprees subsided. Speculators bought heavily this week amid fears that dry weather in Brazil could hurt production.
ICE cocoa futures fell to a low hit in May on expectations of abundant supply and concerns about a slowdown in demand. Raw sugar futures fell from a two-month high hit on Tuesday.
ICE- December Arabica coffee futures reversed earlier gains, closing down 1.90 cents, or 0.9%, at $2.1445 a pound as buyers hesitated to buy after recent gains.
The contract hit $2.2550 on Monday, the highest since January 2012.
Robusta coffee futures also fell. Liffe- November Robusta coffee futures fell $25, or 1.1%, to close at $2151 a tonne.
ICE- December cocoa futures closed down $13, or 0.4%, at $3038 a tonne, hitting an intraday low of $3030 since the end of May.
Liffe- March cocoa futures fell 10 pounds, or 0.5%, to close at $1953 a tonne, close to an intraday low of 1952 pounds.
ICE- March raw sugar futures fell 0.11 cents, or 0.6%, to 16.92 cents a pound, down from a two-month high of 17.12 hit yesterday.
Liffe- December sugar futures closed down $4.30, or nearly 1%, at $430.10 a tonne.
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