Soft futures mixed; Coffee hits 2-week high
Investing.com
Published Jul 02, 2013 07:46AM ET
On the ICE Futures U.S. Exchange, Arabica coffee for September delivery traded at USD1.2285 a pound, up 0.75% on the day.
The September contract rose by as much as 1% earlier in the session to hit a daily high of USD1.2313 a pound, the strongest level since June 20.
Prices have been well-supported in recent sessions amid speculation coffee exporters in South and Central America were withholding supplies until prices recover.
Coffee prices fell to a three-year low of USD1.1717 a pound on June 20.
The coffee market has been under heavy selling pressure in recent weeks as traders eyed a huge harvest in top grower Brazil.
Some technical selling also weighed after prices broke below key support levels, triggering a flurry of automatic sell orders amid bearish chart signals.
Meanwhile, sugar futures for October delivery traded at USD0.1671 a pound, up 0.4% on the day. The October contract traded in a range between USD0.1666 a pound, the daily low and a session high of USD0.1674 a pound.
Sugar prices fell to a seven-day low of USD0.1658 a pound on Monday, as farmers in Brazil started to accelerate harvesting of the nation's sugar crops.
Brazil is the world's largest sugar producer and exporter, with the U.S. Department of Agriculture estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.
Elsewhere, cotton futures for December delivery traded at USD0.8484 a pound, down 0.8% on the day. The December contract held in a range between USD0.8541 a pound, the daily high and a session low of USD0.8480 a pound.
Cotton futures fell to a three-week low of USD0.8305 a pound on June 25.
Prices of the fiber have been on a downward trend in recent sessions amid mounting concerns over a slowdown in demand from top consumer China.
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Written By: Investing.com
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