Coffee futures on the ICE settled lower as the market begins
to react to new supply and weaker-than-expected buying. "Every time the market
starts to bounce, there's no follow through," says Rodrigo Costa, coffee
analyst with Newedge Group. "The peak of tightness in terms of arabica coffee
supplies is behind us now that Brazil is harvesting." Since most coffee is
consumed in the winter, demand has also weakened, he added. After rising
slightly during early trading, the July delivery contract closed down 1.7% at
$2.5915/lb.
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