Arabica coffee futures changed direction to close down for the fourth straight day on Wednesday, as the charts weakened and neither producers nor roasters showed much interest. Sugar firmed and cocoa continued its downward. Arabica coffee changed direction after a firm start, unable to hold upward momentum.
"There's not much selling from origin still. Roasters are also not active," said Marcio Bernardo, Newedge USA trader. ICE September arabicas lost 1.25 cents to finish at $1.5730 a lb. Both the arabica and robusta markets are expected to come under pressure in the coming months as Brazil's record crop hits the market and the Vietnamese harvest gets under way in September.
Raw sugar futures were firmer in a range-bound market, with the trading band seen barely moving in the days ahead, brokers said. ICE October raw sugar futures rose 0.19 cent to settle at 17.47 cents per lb. Cocoa futures on ICE continued lower after Monday's shakeout. ICE September cocoa dropped $42 or 1.4 percent to close at $2,935 per tonne.
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