By - Jul 6, 2010 Coffee fell in New York and London on speculation prices climbed too high in recent weeks to reflect the outlook for supply and demand.
Arabica futures for September delivery slid as much as 3.5 percent to the lowest price in two weeks on ICE Futures U.S. in New York. The beans jumped more than a quarter in the four weeks through June 25, as did the harsher robusta variety traded on the Liffe exchange in London.
“On the way up, there was a lot of panic buying and short- covering,” Angus Kerr, owner of trading company Coffee ag in Cobham, England, said by phone, referring to buying of beans to close bets on lower prices. “The market has further to come down before it consolidates,” he said.
September-delivery arabica declined 3.8 cents, or 2.3 percent, to $1.605 a pound on ICE Futures U.S. at 8:42 a.m. local time. Robusta for September delivery dropped 2.9 percent to $1,661 a metric ton on Liffe, rebounding from a slide of as much as 3.9 percent, the biggest retreat since Nov. 10.
Traders yesterday exchanged 500 lots of September $1,700 robusta call options on Liffe, according to data from the bourse. They also exchanged 725 lots of September $1,700 put options and 225 lots of $1,750 puts. Calls give the right to buy a commodity at a preset price, while puts confer the right to sell.
Raw sugar for October delivery rose 0.18 cent, or 1.1 percent, to 16.88 cents a pound in New York. White, or refined, sweetener for October delivery was little changed at $502.50 a ton on Liffe.
Cocoa for September delivery slipped $1 to $2,970 a ton in New York. The chocolate ingredient for September delivery dropped 0.1 percent to 2,397 pounds ($3,635) a ton on Liffe.
To contact the reporter on this story: M. Shankar in London at mshankar@bloomberg.net
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