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Arabica coffee slips as speculative buying stalls, raw sugar steadies

From www.brecorder.com

July arabica coffee was down 0.45 cent, or 0.4 percent, at $1.1995 per lb by 1354 GMT.

Dealers said another drop in the Brazilian real had inspired producer hedging, since the weaker currency improves local returns on dollar-traded commodities.

Meanwhile, last week’s speculative buying – partly inspired by the trucker strike in Brazil – had largely petered out, they said.

Speculators reduced a bearish stance on arabica coffee by 3,026 lots to 46,710 lots in the week to May 22.

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