Tags: US | Commodities | Review

Coffee Prices Dip on Robust Brazilian Crop Hopes

Friday, 02 Jul 2010 05:09 PM

Traders lost some of their appetite for coffee futures Friday as warm winter weather provided help for what could be a robust Brazilian harvest.

Coffee prices fell about 2 percent on light volumes as investors looked ahead to the three-day holiday weekend in the U.S.

"They're still looking at pretty big crops and decent production," Lind-Waldock strategist Tom Mikulski said.

Coffee for September delivery fell 3.95 cents to settle at $1.643 a pound. The price has risen about 19 percent since June 1 after cold weather initially threatened Brazil's harvest.

Spencer Patton, founder and chief investment officer for hedge fund Steel Vine Investments LLC, attributed some of Friday's drop to traders who were taking profits after the sharp runup in prices.

Metals prices were mixed. In September contracts, copper rose 3.9 cents to settle at $2.9160 a pound; silver fell 7.1 cents to settle at $17.719 an ounce and palladium fell $2.15 to $426.90 an ounce. July platinum fell $4.10 to $1,499.20 an ounce.

Gold for August delivery gained $1 to settle at $1,207.70 an ounce.

Oil prices continued to slide after the government issued a weak June jobs forecast that added to concerns about whether the recovery has stalled.

Benchmark crude oil for August delivery lost 81 cents to settle at $72.14 a barrel on the New York Mercantile Exchange. The price has fallen 8.5 percent in the past week.

Among other August contracts, heating oil fell 2.3 cents to settle at $1.9155 a gallon, gasoline lost 1.99 cents to $1.9777 a gallon and natural gas fell 16.7 cents to $4.687 per 1,000 cubic feet.

In September contracts, corn fell 0.75 cent at $3.7250 a bushel while wheat added 3.25 cents to settle at $5.03 a bushel. August soybeans added 7.5 cents to $9.4450 a bushel.

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Traders lost some of their appetite for coffee futures Friday as warm winter weather provided help for what could be a robust Brazilian harvest.Coffee prices fell about 2 percent on light volumes as investors looked ahead to the three-day holiday weekend in the U.S. They're...
US,Commodities,Review
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2010-09-02
 

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