Morning Review: Arabica Coffee Futures decline
New YORK / London (Reuters)-ICE raw sugar futures closed higher on Friday for the first time in seven sessions, buoyed by end-users and technical buying after falling to a five-and-a-half-week low yesterday.
ICE cocoa futures were technically driven away from the five-and-a-half-month low hit this week, while Arabica coffee futures fell on forecasts of rain in Brazil, the main grower.
ICE- 's March raw sugar futures closed up 21 cents, or 1.4%, at 15.69 cents a pound, hitting a low of $15.42 on Thursday.
"the market is extremely oversold and 15.50-15.75 cents seems to be a good buying opportunity for end users." Said James Cordier, founder of commodity investment company OptionSellers.com.
December sugar futures on the London International Financial Futures and options Exchange (LIFFE) rose $3.50, or 0.8%, to close at $418.90 a tonne.
ICE- March cocoa futures closed up $12, or 0.5%, at $2883 a tonne. LIFFE- March cocoa futures rose 8 pounds, or 0.4%, to close at 1902 pounds a tonne.
March Arabica coffee futures fell 1.25 cents, or 0.7%, to close at $1.8675 a pound. LIFFE- January Robusta coffee futures rose $12, or 0.6%, to $2019 a tonne.
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A few days ago, Kunming Coffee Trading Center (Preparatory Committee) listing ceremony was held. The listing campaign, jointly launched by Yunnan Province Coffee Industry Association and Yunnan Province Fine Coffee Society, aims to build a trading center before Yunnan coffee goes public this season. At present, the construction of trading places is imminent. At present, in Dehong, Lincang, Pu 'er, Baoshan and other Yunnan coffee producing areas, some sea
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