Coffee Drops Most in Week on Higher Supplies
Michael Chen
Senior Web Developer
Arabica-coffee futures fell the most in a week as stockpiles climbed and producers sought to increase sales in Brazil, the world’s top grower. Sugar and cocoa rose.
Coffee inventories monitored by ICE Futures U.S. have jumped 24 percent since the end of October, exchange data show. As of Feb. 17, Brazil’s permits for exports this month surged 26 percent from January, the nation’s Council of Coffee Exporters, known as Cecafe, said on its website. Markets in the country were closed on Feb. 20 and 21 for the Carnival festival.
“Brazilian sellers are back in the market,” Hernando de la Roche, the director of futures at INTL FCStone in Miami, said in a telephone interview. “Stocks are also rising.”
On ICE, arabica-coffee futures for May delivery declined 2 percent to settle at $2.0185 a pound at 2 p.m., the biggest drop since Feb. 14. The price has tumbled 11 percent this year.
Source: businessweek.com/news/2012-02-22/coffee-drops-most-in-week-on-higher-supplies-sugar-cocoa-gain.html
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