Ample supply in the market, Arabica coffee futures closed lower on Wednesday
New YORK / London (Reuters)-ICE Arabica coffee futures closed lower on Wednesday, falling to a five-week low hit earlier this week as markets struggled to digest adequate supply and cocoa and raw sugar fell, contrary to today's strong trend in commodities.
The Thomson Reuters Jefferies CRB index .TRJCRB rose 0.5 percent as the dollar fell and copper and U.S. grain prices rose.
ICE- December Arabica coffee futures KCc1 fell 1.30 cents, or 0.8 percent, to $1.6150 a pound, hitting a near-monthly low of $1.5950 on Monday.
"Today is more technical than anything else. Failed to break through yesterday's high, so the market fell," said a veteran coffee trader in New York.
Traders noted that ICE Arabica coffee stocks continued to rise, hitting a more than two-year high as Colombian production is expected to rebound from recent lows and Central American producer Honduras is also increasing Arabica coffee exports.
"given the extremely low price of Arabica coffee, we expect a rebound, although improved Brazilian harvests may dampen the rally," Standard Chartered Bank said.
Arabica coffee futures have fallen nearly 50 per cent from a near-monthly contract high of $3.0625 in may 2011, with an increase in production helping to ease the supply crunch and investor interest in the commodity waning.
Demand for Arabica coffee is shifting to cheaper robusta coffee, which has also helped drive the former's decline.
January Robusta coffee futures LRCF3 closed down $7, or 0.3 percent, at $2058 a tonne.
ICE- December cocoa CCZ2 settlement price fell 33 U.S. dollars, or 1.4 percent, to 2385 U.S. dollars per ton, London March cocoa futures LCCH3 fell 22 pounds, or 1.4 percent, to 1535 pounds per ton.
ICE- March raw sugar futures SBc1 closed down 0.06 cents, or 0.4%, at 20.11 cents per pound.
London December sugar futures LSUc1 fell $2.60, or 0.5%, to $555.30 a tonne.
- Prev
Pacific, 85C, Starbucks grabs the coffee chain market in Zhuzhou
In addition to Pacific Coffee, 85C and Starbucks Coffee are not far behind and are about to settle in Zhuzhou. More and more first-tier coffee brand chains are throwing olive branches at Zhuzhou, a second-and third-tier city, which not only adds a rich and emotional aroma of coffee, but also brings more competition, so the coffee consumption market in Zhuzhou is no longer peaceful. First-tier chain brands stationed in Zhuzhou this is our
- Next
Vietnam's coffee exports are on the rise.
According to Japanese media reports, the production of Robasta coffee beans used to make instant coffee in Vietnam ranks first in the world, and the export volume is increasing. On the other hand, it also gives rise to problems such as farmers' difficulties in shipping, export companies purchasing foreign-made coffee beans, handling orders and so on. The Vietnam Investment Review, a local economic newspaper, reported the incident. According to statistics from Vietnam's Ministry of Agricultural Local Development, Drogba
Related
- Remove the perimeter! Naixue's largest flagship store in the world quietly closed!!
- Manner Co-branded Cup is a literary style?! Netizen: I almost didn't recognize it
- How to make bubble ice American so that it will not spill over? Share 5 tips for making bubbly coffee! How to make cold extract sparkling coffee? Do I have to add espresso to bubbly coffee?
- Can a mocha pot make lattes? How to mix the ratio of milk and coffee in a mocha pot? How to make Australian white coffee in a mocha pot? How to make mocha pot milk coffee the strongest?
- How long is the best time to brew hand-brewed coffee? What should I do after 2 minutes of making coffee by hand and not filtering it? How long is it normal to brew coffee by hand?
- 30 years ago, public toilets were renovated into coffee shops?! Multiple responses: The store will not open
- Well-known tea brands have been exposed to the closure of many stores?!
- What are "nourishing beans" and "waking beans" in coffee? Do the coffee beans have just been roasted and need to be left for a while before sealing?
- Hunting for surprises?! Aunt Shanghai launches "Xiao Gong Ju Doll" causing controversy
- New progress! Starbucks selects buyers for its China business?!