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Coffee futures fall on weaker Brazil currency

Arabica coffee futures on ICE slid , with both the March and May monthly contracts setting new contract lows as a weaker currency in top grower Brazil weighed on the market.

* March arabica coffee settled down 1.05 cents, or 1.1 percent to 97.85 cents per pound, after dipping to 97.05, the lowest for the March monthly contract.

* March's discount to May KCH9-K9 widened to as much as 3.70 cents.

* May arabica coffee settled down 0.9 cent, or 0.8 percent, at $1.0145 per lb, after falling to 100.60 cents, a low for the May monthly contract.

* Dealers said prices were dragged down as the Brazilian real hit a three-week low against the dollar, which encourages producer selling of dollar-denominated commodities. The real recovered but not until after the arabica market settled.

* Ample supplies and a positive weather outlook for growing regions continued to weigh on prices, dealers said.

* Family owned JAB Holding Co, which has several coffee and restaurant brands including Douwe Egberts and Panera Bread, is planning for two initial public offerings, Germany's Lebensmittel Zeitung reported.

* May robusta coffee settled up $3, or 0.2 percent, at $1,537 per tonne after touching a three-week low of 1,519.

* Traders in Vietnam are struggling to buy coffee beans from local farmers who are reluctant to sell at low prices, meaning exports could decline as early as March or April.

Also read  Newyork Coffee futures closed higher on better rain forecast in Brazil

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