Coffee futures fall following new highs<\/p>\n
LONDON (Reuter): LIFFE robusta coffee futures retraced by
\nmidsession yesterday after a wave of fund and industry-led buying
\nin the past few days fizzled out.<\/p>\n
Traders said scale-up origin selling, notably from Indonesia,
\nalso hammered prices. Some Indonesian sellers were away on
\nThursday due to a local holiday.<\/p>\n
However, further roaster support at the lows helped slow the
\nslide.<\/p>\n
Benchmark July hit a new eight-week high of $1,793 a ton in
\nmid-morning but lacked further momentum to vault above the
\npsychological $1,800 mark.<\/p>\n
By midsession, the most-active contract stood $20 down at
\n$1,760. The market was due to gap $25 higher but July managed to
\nopen $7 up.<\/p>\n
Technically, July faces a stiff resistance at its life-of-
\ncontract high of $1,820. But support is seen intact at $1,700.
\nVolume was a low 1,954 lots, centered on July position.<\/p>\n
Traders said the market's prospects hinged on renewed fund
\nbuying.<\/p>\n
"Without any fund support, the market will probably hang
\naround here or turn softer," said one.<\/p>\n
The rally earlier this week encouraged Vietnamese producers to
\nunload their stocks, traders in Vietnam said. But there are only
\n20,000 tons of coffee left from the current crop after some
\n270,000 tons sold so far.<\/p>\n
Vietnamese prices were quoted at $1,460 a ton FOB Saigon on
\nThursday, up sharply from $1,360 earlier in the week.<\/p>\n
In other news, Brazil portworkers, as expected, returned to
\nwork at Santos on Friday. Traders had said the 24-hour stoppage
\nwould be short-lived and would have no disruption to coffee
\nshipments.<\/p>\n
Midday options volume totaled 440 lots.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/coffee-futures-fall-following-new-highs-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }