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Coffee Falls on Signs Global Supply to Gain; Sugar, Cocoa Rise

Posted in : News

(added a month ago!)

Coffee futures fell to a one-week low in New York on signs that global production will increase. Sugar and cocoa advanced. The worldwide coffee market may have a surplus in the season starting in October as output expands in Brazil, the world’s biggest grower, Commerzbank AG said today in a report. Global production will be 132.4 million bags in the current season, up 3 percent from a December forecast, the International Coffee Organization said yesterday. “The ICO news is weighing on the market,” Drew Geraghty, a broker at ICAP Futures LLC in Jersey City, New Jersey, said in a telephone interview. Arabica coffee for March delivery slipped less than 0.1 percent to close at $2.2515 a pound at 1:51 p.m. on ICE Futures U.S. in New York. Earlier, the price touched $2.211, the lowest for a most-active contract since Jan. 9.

Tags : Coffee, Signs Global, Gain, Sugar, Cocoa Rise

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(added a month ago!) / 33 views