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.
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