24/08: ICE Coffee Tumbles 8.1% As Funds Sell

1354 EDT [Dow Jones] - Coffee on ICE Futures US tumbled in a technical
correction after the market had become overbought near 13-year highs and as
fund traders sold commodities due to renewed economic fears. Coffee futures had
reached levels considered too high, particularly with a potentially record crop
in Brazil and larger crops in Colombia and Central America around the corner, a
trader says. London robusta coffee also fell, with nearby September down 7.9%.
ICE September coffee fell 14.65 cents, or 8.1%, to $1.6685 a pound. Most active
Dec lost 14.80 cents, or 8.1%, to settle at $1.6845.