ICE Coffee Futures Lost Ground
Arabica coffee futures continued to decline Thursday. The most active contract for March delivery lost 1.20 cents to end at 182.45 cents per pound. The activity was slow as characteristic of the recent sessions. Volume reached 14,628 lots, including 2,012 switches. With good and ample rain developing across the main Brazilian coffee growing areas, specs are adding sales in anticipation of a further losses. Again weakness of the crude oil and the precious metals complex, contributed to add the bearish sentiment. In economic news, jobless claims decreased by 17,000 to 297,000 in the week ended Nov 29, from 314,00 the prior period, according with the US department of labor. In Europe, the ECB announced that a new stimulus package will be revised during the next month meeting. Economic measures will focus in combat the large period of low inflation.
London Market – Robusta coffee futures closed lower Thursday after being in negative territory early on the session. The most active contract for January delivery, settled 3 dollars lower at $2048 a ton. Poor activity today with volume reaching only 5,847 lots. Robusta futures traded in a narrow range of $20, reaching a high of $2059 and a low of $2039. In related news, Vicofa indicated at the annual Coffee Outlook in Ho Chi Minh city, that Vietnam's 2014/15 (Oct/Sep) crop is projected to be 40% lower on the year. The association previously forecasted the 2014/15 output at 25 million bags, down from around the generally accepted 30 million bags produced in 2013/14. More Data
Source : FCStone
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