coffee sugar cocoa reel from commodities selloff
Last Updated : GMT 09:26:02
Arab Today, arab today
Arab Today, arab today

Coffee, sugar, cocoa reel from commodities sell-off

Arab Today, arab today

Arab Today, arab today Coffee, sugar, cocoa reel from commodities sell-off

NEW YORK - Arabstoday

Arabica coffee futures pivoted lower but remained within sight of last week\'s 34-year high on Monday, following the commodity complex lower as the US dollar reversed higher. Raw sugar also turned lower as business in the softs complex was thin following the Good Friday holiday and as European agricultural markets remained closed for Easter Monday. Liffe was scheduled to reopen yesterday. \"I think we\'re down today with the stronger dollar,\" said James Cordier, of brokers optionsellers.com in Florida. The euro turned negative against the US dollar, hitting New York session lows, with traders attributing the greenback\'s comeback to a slide in commodity prices. \"If traders are taking risk off the table, which is selling commodities, that would buoy the dollar. It usually works the other way around but maybe we\'re at a turning point,\" Cordier said. Oil turned lower as a bout of profit-taking was sparked when silver reversed after a sharp rally and when there was no follow through after US oil prices hit their highest since September 2008 in early trading. \"It was up originally then it started fading off as the dollar started turning higher,\" said Jack Scoville, analyst for The Price Futures Group in Chicago, referring to the softs complex. \"I think it\'s mostly spec trading back and forth.\" Arabica coffee futures were strong earlier in the session, inching back towards last week\'s 34-year high for the second position at $3.0250 per pound as tight supplies of high-quality beans continued to underpin prices. But the commodity-wide selling easily pushed them lower in thin volume as coffee appeared to be taking the opportunity to correct down after last week\'s run-up above the psychological $3 a pound level, dealers said. ICE July arabica coffee futures fell 3.85 cents or 1.3 per cent to $2.9070 per pound by 1558 GMT. \"Coffee\'s had a great run, traded over $3 a pound. Seasonally it normally tops out in May as Brazil starts its harvest, Colombia will start its midcrop picking,\" Cordier said. \"Demand for coffee in the United States goes down dramatically starting in May and June. Coffee is seasonally in for a weak period.\" Raw sugar futures also turned lower as they remained in a long-term downtrend with limited upside potential due to expectations of ample production of the sweetener from Brazil and bumper supplies from major exporter Thailand. \"Cocoa and sugar have not been the little darlings in the commodity hedge fund world and they continue to lose favour. And as commodities fall off they have no problem tagging along,\" Cordier said. The May raw sugar contract dropped 0.27 cent or 1.1 per cent to 25.21 cents per pound, while benchmark July fell 0.33 cent or 1.4 percent to 23.47 cents. US cocoa futures also fell. Key July cocoa futures eased $28 to finish at $3,060 per tonne. On Friday, Alassane Ouattara, president of top grower Ivory Coast, ordered soldiers from all sides of the country\'s conflict to return to their barracks in an effort to restore stability. From golfnews.com .

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