Coffee prices fall

Coffee prices fall

LONDON (Reuter): Robusta coffee futures shaved some early losses after sliding to a new life-of-contract low of US$2,007 a ton in early trade yesterday but were still easier at midday on trade and origin selling.

"There was selling from both Indonesia and Vietnam...I think they are panicking a little," one said.

At midday the front-month January contract was down $54 $2,020 and above a fresh contract low of $2,007 a ton -- the lowest since July 7.

Traders said the slight recovery was prompted by light scaled- down industry buying.

But overall, prices have taken a recent hammering from funds and from follow-through selling after the November contract, which saw its premium against January soar to $750 a ton, expired last week.

"We have seen follow-through selling after November expired..this has added downward pressure to the January/March structure," said one.