Coffee downgraded US rating revised to negative
Cocoa futures prices also closed lower in light trading because of poor macro-economic data and expectations that cocoa exports in Ivory Coast, the main cocoa producer, will resume in the near future.
The dollar scaled back gains against the euro, falling to a session low against the yen and gold hitting a record high after Standard & Poor's revised its U.S. rating outlook to negative, sparking risk aversion to risky assets, including commodities. Standard & Poor's confirms that the United States has a sovereign credit rating of "AAA/A-1+". [ID: nCN1752025]
"there is a widespread negative view of commodities, especially when the economic slowdown and U.S. growth will be disappointing," said Jonathan Kingsman, director of Swiss consulting firm Kingsman SA. "overall, the commodity hype is likely to cool down."
Intercontinental Exchange (ICE)-July Arabica coffee futures KCc2 gave up earlier gains, closing down 3.70 cents, or 1.3 percent, at $2.8740 a pound. London July Robusta coffee futures LRCc2 closed down $43, or 1.7%, at $2425 a tonne.
In the case of sugar futures, traders see more downside risks as global sugar supplies are expected to be adequate, with ICE- July raw sugar futures SBN1 key support at 21 cents a pound.
New York May raw sugar futures SBc1 fell 19 cents to 24.40 cents per pound, while benchmark July raw sugar futures SBN1 closed down 18 cents at 24.79 cents. London August sugar futures LSUc1 fell $10.70, or 1.7%, to $622.00 a tonne.
* * C ô te d'Ivoire gets attention * *
Ivory Coast, the main cocoa producer, was in the spotlight and President Alassane Ouattara said on Wednesday that everything was in place to resume cocoa exports soon and traders were waiting for news.
French container shipping group CMA CGM said on Monday that its first ship would arrive in C ô te d'Ivoire on April 19 after it resumed services to C ô te d'Ivoire.
ICE- July cocoa futures CCN1 fell $100, or 3.2%, to $3057 a tonne, while London July cocoa futures LCCN1 fell 48 pounds, or 2.4%, to £1931 a tonne. (end)
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World Champion Coffee Emerald Manor Geisha Coffee
La Esmeralda's geisha became world-famous coffee by accident, retired Swedish-born banker Rudolph A. Peterson. Peterson) bought Emerald Manor in Panama to spend his old age peacefully. Unexpectedly, the coffee tree in the manor bore fruit and was sent to participate in the coffee competition. The result was a victory.
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An introduction to the historical and cultural development of coffee in China
There is no way to examine the source of coffee. One of the many legends refers to the highlands of Cafa province in southwestern Ethiopia. It is said that a shepherd became very excited and lively when he discovered that the sheep had eaten a plant more than a thousand years ago, so he discovered coffee. It is also said that a coffee forest was destroyed by a wildfire, and the smell of barbecue coffee attracted the attention of the surrounding residents.
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