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Coffee Futures Plunge The Most In Nine Years

From: bloomberg.com

Arabica-coffee futures plunged the most in almost nine years in New York as a rally in the past two weeks triggered sell signals for chart-watching traders and producers alike.

While the “market had gathered steam” on the seasonal potential for frost, the chance remains slim and “fundamentals are still negative,” according to Judy Ganes, president of J. Ganes Consulting. Speculators appear to be selling amid a lack of threatening weather in Brazil, a relatively stable real and a lot of call option buying, said Jack Scoville, vice president of Price Futures Group. Colombian growers released a report showing an uptick in shipments in May.

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