Arabica coffee futures for September delivery fell Friday, pressured by a weak trade in commodities on softer-than-expected economic data and favorable conditions in top grower Brazil.
Nearby September coffee on ICE Futures U.S. in New York lost 2.45 cents, or 1.4%, to settle at $1.6740 a pound.
A weaker-than-expected July jobs report caused traders to shed riskier commodity assets, and coffee fell as a result.
Nonfarm payrolls fell by 131,000 in July, the U.S. Labor Department reported, more than the 60,000 jobs analysts had expected the economy to lose.
"Everyone was kind of pinning hopes on this report because if any of the [government] stimulus was actually helping it would have showed up by now, and people kind of threw in the towel on the jobs picture improving any time soon," said James Cordier, analyst and president of Liberty Trading Group in Tampa, Fla.
The unemployment rate held steady at 9.5%.
Despite the losses, coffee futures remained confined to their recent trading ranges, a broker said.
Traders are reluctant to press the market too low, with supplies of top-notch arabica beans out of Central America and Colombia remaining tight, he said.
Weather conditions in top coffee grower Brazil remain mild and supportive of the ongoing harvest. Producers there are seen holding back arabica supplies in the hope that prices will resume their uptrend.
Brazil's cyclically larger 2010-11 coffee crop is expected to total 45.8 million 60-kilogram bags, Brazil's Census Bureau said Thursday. The harvest began in May and is expected to run through October.
Coffee output from Colombia rose 35% in July to 787,000 bags, owing to favorable weather, Colombia's National Federation of Coffee Growers said Thursday. Colombian production is beginning to rebound after falling 32% in 2009 compared with 2008, due to adverse weather.
Colombia is the world's largest producer of mild, washed arabica beans--the kind deliverable against ICE coffee futures.
ICE warehouse stocks fell 951 bags to total 2.075 million bags, the exchange reported.
Total open interest on ICE rose 132 to 166,272 contracts.
Volume was pegged at 30,057 contracts traded, with 3,377 calls and 2,704 put options traded.
ICE Change (cents) Range
Sep $1.6740 dn 2.45 $1.6525-$1.7135
Dec $1.6870 dn 2.35 $1.6685-$1.7245
Nearby September coffee on ICE Futures U.S. in New York lost 2.45 cents, or 1.4%, to settle at $1.6740 a pound.
A weaker-than-expected July jobs report caused traders to shed riskier commodity assets, and coffee fell as a result.
Nonfarm payrolls fell by 131,000 in July, the U.S. Labor Department reported, more than the 60,000 jobs analysts had expected the economy to lose.
"Everyone was kind of pinning hopes on this report because if any of the [government] stimulus was actually helping it would have showed up by now, and people kind of threw in the towel on the jobs picture improving any time soon," said James Cordier, analyst and president of Liberty Trading Group in Tampa, Fla.
The unemployment rate held steady at 9.5%.
Despite the losses, coffee futures remained confined to their recent trading ranges, a broker said.
Traders are reluctant to press the market too low, with supplies of top-notch arabica beans out of Central America and Colombia remaining tight, he said.
Weather conditions in top coffee grower Brazil remain mild and supportive of the ongoing harvest. Producers there are seen holding back arabica supplies in the hope that prices will resume their uptrend.
Brazil's cyclically larger 2010-11 coffee crop is expected to total 45.8 million 60-kilogram bags, Brazil's Census Bureau said Thursday. The harvest began in May and is expected to run through October.
Coffee output from Colombia rose 35% in July to 787,000 bags, owing to favorable weather, Colombia's National Federation of Coffee Growers said Thursday. Colombian production is beginning to rebound after falling 32% in 2009 compared with 2008, due to adverse weather.
Colombia is the world's largest producer of mild, washed arabica beans--the kind deliverable against ICE coffee futures.
ICE warehouse stocks fell 951 bags to total 2.075 million bags, the exchange reported.
Total open interest on ICE rose 132 to 166,272 contracts.
Volume was pegged at 30,057 contracts traded, with 3,377 calls and 2,704 put options traded.
ICE Change (cents) Range
Sep $1.6740 dn 2.45 $1.6525-$1.7135
Dec $1.6870 dn 2.35 $1.6685-$1.7245
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