Fund selling pressure drove London robusta coffee futures to a one-month low on Tuesday, dealers said. After opening unchanged at the day's high of $654 a tonne Liffe's benchmark November contract finished down $12 at $642 a tonne amid turnover of 4,027 lots from a total of 7,764.
The closing price was just off the day's low of $641, which is the weakest level since August 6.
"Persistant selling mainly on November is just gradually eating through the bids," said a trader.
Despite support from industry interest - particularly on the March contract - prices looked likely to carry on down in coming days, floor sources said. Some expected second-month November to test August 5's low of $628.
Contracts further out took a knock, too, with January losing $11 to end at $659 on volume of 1,583 lots. March finished at $675 after shedding $10.
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