Arabica coffee futures recorded their biggest one-day decline since the end of 2010 due to late selling.
New YORK / London, March 3 (Reuters)-Arabica coffee futures plunged more than 6% to a 13-month low on Tuesday, the biggest drop since 2010, as a late wave of automatic orders was triggered to attract speculators to sell. Raw sugar futures fell to their lowest level in more than five months.
Cocoa futures rose to their highest level since October, helped by technical buying and concerns about production in Ghana, the second-largest grower.
Traders said that the stop-loss selling of May contracts with a late strike price below $1.35 was triggered, attracting a large number of sellers, leading to a sharp increase in trading volume. In the last 30 minutes, more than 7000 contracts changed hands, close to 1/3 of today's turnover.
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The premium of Arabica Coffee over Robusta Coffee Futures KC-LRC2=R fell below 51 cents, the narrowest since January 2014.
May Robusta coffee futures fell $11, or 0.6%, to close at $1881 a tonne.
ICE- may raw sugar futures closed down 19 cents, or 1.4%, at 13.45 cents per pound, the lowest since the end of September.
May sugar futures closed down $4.10, or 1.1%, at $369.60 a ton.
May London cocoa futures closed up 7 pounds, or 0.3%, at 2038 pounds a tonne, hitting an intraday high of 2040 pounds since October 1.
New York cocoa futures rose $16, or 0.5 per cent, to close at $3022 a tonne in may, slightly above the 200-day moving average and hitting an intraday high of $3038 since Oct. 27.
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Japan Nestl é decided to withdraw from the canned coffee market and focus on instant products.
Nestl é Japan has announced that it will stop selling canned coffee in vending machines and convenience stores and focus its resources on instant coffee products in the future, Japanese media reported. Nestl é Japan entered the canned coffee market in 1974 and signed an exclusive sales contract with Otsuka Food since 1990. However, Otsuka Group recently cooperated with Asahi on the sale of drinks, making use of each other's beverages.
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KFC challenges Starbucks to launch freshly ground coffee
Coffee is becoming an important part of KFC's future. The fast food chain, which relies on the Chinese market, has decided to fully launch its freshly ground coffee business in its restaurants from 2015. Pat Grismer, Yum's chief financial officer, said at an investor meeting on March 3 that the current performance of China's coffee business is very satisfactory. The new coffee business helps improve the morning of KFC.
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