New York coffee hit a new four-year high on Tuesday before retreating to end lower after speculators pocketed some windfall profits from recent gains. "The market is taking on a ho-ho hum attitude ... Christmas is descending like a wet blanket over the market. Commercial interest is very limited," said a coffee trader. The New York Board of Trade's benchmark March contract reached 108.70 cents a lb. in early trade, the highest for benchmark prices since July 2000.
It settled at 105.05 cents, down 1.75 cents, or 1.6 percent. It bottomed at 104.90. This leg up started on December 14 from 93.00 cents a lb.
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