Daklak Investment Export - Import Joint Stock Corporation - NY coffee ends at 4-month low on U.S. banking woes

Select

EnglishVietnam

Home

News

NY coffee ends at 4-month low on U.S. banking woes

NEW YORK , Sept 16 (Reuters) - Arabica coffee futures tumbled to finish at a 4-month low on Tuesday when a bout of long liquidation sent the market through a key support level, prompted by a deepening U.S. banking crisis, traders said.

* ICE Futures U.S. December arabica contract <KCZ8> finished down 5.65 cents, or 4.1 percent, at $1.3340 per lb, the weakest settlement for the second position contract since May 7.

* Trades spanned $1.3290 to $1.3830 a lb.

* By 2:07 p.m. EDT (1807 GMT), December was down 5.10 cents at $1.3395. The coffee market closes at 3:15 p.m.

* December volume reached a heavy 26,708 lots at the same time.

* Long liquidation hit the market along with new short positions and pierced through a key support level at $1.35, basis December. The move triggered more selling - traders.

* Commodity complex hit by news that some banks and brokerages ceased making markets in commodity securities backed by matching contracts from troubled insurer American

International Group Inc <AIG.N> - ETF Securities said.

* Coffee prices also pressured by weaker crude oil market - traders.

* Third biggest coffee producer Colombia exported 588,000 60-kg bags of coffee in August, 40 percent less than in the same month last year - National Federation of Coffee Growers.

* The Reuters-Jefferies CRB index <.CRB>, which tracks 19 commodity futures contracts, extended losses to reach a nine-month low.

* Mostly dry conditions with the chance of a few light showers forecast for top coffee producer Brazil through Friday. Scattered showers and thunderstorms to develop Saturday - DTN

Meteorlogix.

* Final arabica volume on Monday reached 18,569 lots. Open interest inched up 684 lots to 124,530 lots as of Sept. 15 - ICE data.

(Reporting by Marcy Nicholson)

Tin mới