By Yi Tian and Elizabeth Campbell
June 16 (Bloomberg) -- Arabica-coffee futures fell from the highest price in more than two years on speculation that the bean’s six-session rally was overdone. Cotton advanced, while cocoa declined.
Coffee output by Brazil, the world’s largest producer, will rise 23 percent in the year starting July 1, according to a unit of the U.S. Department of Agriculture. Through yesterday, arabica coffee jumped 20 percent since June 7. Earlier, prices reached $1.6295 a pound, the highest level since March 6, 2008.
“The timing of the current rally is wrong,” Kona Haque, a London-based analyst with Macquarie Group Ltd., said in a report e-mailed today. “With the upcoming harvest, producers will be selling heavily at these prices and look to hedge.”
Arabica coffee for September delivery slipped 0.35 cent, or 0.2 percent, to $1.596 a pound on ICE Futures U.S. in New York. On London’s Liffe exchange, robusta-coffee futures for September delivery dropped $4, or 0.3 percent, to $1,566 a metric ton.
Arabica futures will retreat to $1.50 by July, Haque said.
“This rally that we’ve seen here in the last week is overdone,” said Boyd Cruel, a senior analyst at Vision Financial Markets in Chicago. “With the volatility being so high, you don’t really get a rational market. The market’s overbought.”
Cotton futures for December delivery gained 0.08 cent, or 0.1 percent, to 79.7 cents a pound on ICE. The fiber has climbed 5.4 percent this year.
In New York, cocoa for September delivery fell $14, or 0.5 percent, to $2,955 a ton. In London, cocoa for July delivery dropped 34 pounds, or 1.4 percent, to 2,430 pounds ($3,599) a ton on Liffe.
To contact the reporters on this story: Yi Tian in New York at mshankar@bloomberg.net; Elizabeth Campbell in New York at ecampbell14@bloomberg.net
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