US coffee futures slid about 6 percent to a 10-month low Wednesday after speculators and funds unloaded their long positions on upbeat supply news from hurricane-hit New Orleans, market sources said.
The market since Tuesday has given back virtually all of its gains from last week amid reports that nearly half of the 1.6 million 60-kg bags of unroasted coffee in New Orleans escaped Hurricane Katrina unscathed.
The New York Board of Trade's active arabica contract for December delivery tumbled 6 cents to 94.75 cents a lb, the lowest settlement since November 12 when it ended at 91.