Soft futures mixed; Coffee trades near 7-year low
Investing.com
Published Nov 07, 2013 07:38AM ET
On the ICE Futures U.S. Exchange, Arabica coffee for December delivery traded at USD1.0175 a pound, up 0.25%. Arabica prices fell to USD1.0095 a pound earlier, the lowest since October 19, 2006.
The December contract settled down 1.88% at USD1.0150 a pound on Wednesday.
Coffee prices have been a on a downward trend in recent months, as traders monitored improving crop prospects in Brazil and Colombia.
Brazil is the world's largest producer and exporter of Arabica coffee, while Colombia is the world's second largest. Arabica is grown mainly in Latin America and brewed by specialty companies.
Meanwhile, sugar futures for March delivery traded at USD0.1800 a pound, down 0.55%. Prices of the sweetener dropped to a session low of USD0.1794 a pound earlier in the day, the weakest level since September 30.
The March contract ended 0.88% lower on Wednesday to settle at USD0.1810 a pound.
Sugar prices have weakened recently as concerns over a disruption to supplies from Brazil eased.
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 USD0.7667 a pound, 0.5% lower. Cotton prices traded in a range between USD0.7656 a pound, the session low and a daily high of USD0.7722 a pound.
The December contract rallied 1.49% to end at USD0.7707 a pound on Wednesday, as investors returned to the market to close out bets on lower prices amid speculation futures fell too far too fast.
Futures dropped to an 11-month low of USD0.7527 a pound on November 5 amid concerns over a slowdown in demand from China, the world’s largest cotton consumer.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.