Coffee declined the most in more than two years as equities tumbled on concern that the economic recovery may be weakening, driving most commodities lower. The Reuters/Jefferies CRB Index of 19 raw materials plunged as much as 1.4 percent, which would be the biggest drop since June 29, and oil fell below $72 a barrel for the first time in almost seven weeks. Yesterday, coffee reached $1.8865 a pound, the highest level since Sept. 11, 1997.
“There is long liquidation after the market rose to a new high,” said Boyd Cruel, a senior analyst at Vision Financial Markets in Chicago. “The weakness in the equity markets is also adding selling pressure.”
Arabica coffee for December delivery slumped 12 cents, or 6.6 percent, to $1.7125 a pound at 9:47 a.m. on ICE Futures U.S. in New York. A close at this price would mark the biggest decline for a most-active contract since March 2008. Before today, the commodity advanced 35 percent this year on concerns that demand would outpace supplies.
On London’s Liffe exchange, robusta-coffee futures for November delivery retreated $147, or 8.3 percent, to $1,630 a metric ton, the biggest drop since at least January 2008.
A lower close after a high is a “very negative signal,” according to Doug Whitehead, an analyst at Rabobank International in London. “With such a weak technical signal, you would think that would prompt additional selling, as producers and traders might find prices could head lower for the next few days.”
The Dow Jones Industrial Average and the S&P 500 Index dropped both dropped as much as 1.4 percent.
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