Benchmark arabica coffee futures settled down 2.4 percent at a nine-month low Tuesday, depressed by fund selling amid deteriorating technical signals on the price charts and broad weakness in the commodity sector, traders said.
The New York Board of Trade's active coffee contract for July delivery shed 2.35 cents to finish at 96.10 cents per lb after trading from 95.50 cents to 98.60 cents. It was the contract's weakest ending since September 27, 2005.
September coffee likewise slipped 2.35 cents to end at 98.90 cents, while longer-dated arabicas fell 2.35 to 2.65 cents.
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