Coffee futures prices slid to their lowest in a week on Wednesday, depressed by funds and speculators liquidating amid bearish technical signals on the price charts, market sources said.
The New York Board of Trade's May arabica contract lost 1.20 cents to settle at $1.0435 a lb after trading from $1.0420 to $1.06. July likewise shed 1.20 cents to $1.0715 a lb, and back months fell 0.90 to 1.15 cents.
Technically, the May contract needed to close above $1.0520 a lb for the market to have maintained a positive trendline, the trader said. If the May contract breaks below $1.0350, more speculative selling is in the cards.
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