By Yi Tian
May 25 (Bloomberg) -- Coffee futures rose to the highest level in four sessions on speculation that a price slump this month was exaggerated and that frost may harm crops next week in Brazil, the world’s largest grower. Cocoa also gained.
A cold front may damage plantations in some areas of the South of Minas Gerais, Brazil’s biggest producing region, a government forecaster said yesterday. Earlier, prices fell as much 1.2 percent in New York amid a slump in commodities,
“Momentum players bought back into the market” after prices approached a major support level at $1.3009 a pound, said Jim Stellakis, the founder of Technical Alpha, a New York-based research firm. “Fears” about the frost in Brazil also supported the market, he said.
Arabica coffee for July delivery rose 0.5 cent, or 0.4 percent, to $1.3275 a pound on ICE Futures U.S. in New York, after earlier touching $1.306. Coffee has declined 2.4 percent this year partly on forecasts for a bumper crop in Brazil.
Cocoa for July delivery added $7, or 0.2 percent, to $2,922 a metric ton in New York. The price has decreased 11 percent this year.
On London’s Liffe exchange, cocoa futures for July delivery rose 59 pounds, or 2.5 percent, to 2,398 pounds ($3,440) a ton, for the seventh straight gain. Robusta-coffee futures for July delivery were unchanged at $1,330 a ton.
Arabica coffee is grown mainly in Latin America and brewed by specialty companies including Starbucks Corp. Robusta beans, used in instant coffee, are harvested mostly in Asia and parts of Africa.
To contact the reporter on this story: Yi Tian in New York at ytian8@bloomberg.net.
Last Updated: May 25, 2010 15:32 EDT
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