CORRECTION Softs - Coffee, cocoa come off last week’s multi-year peaks
LONDON (Thomson Financial) - Coffee and cocoa prices came off Friday’s 9.5 year highs as players grew nervous that Friday’s fund-led rally might have been overdone. Sugar prices continued higher, however. “I think we’re getting to the tail end of coffee. The market could be turning a little bit to downside,” said Ambrian Commodities trader Jeff Cooper. He added, however, that at the end of the day the market is heading higher as the fund money that drove prices to multi-year peaks is not going to disappear any time soon. At 11.45 am on the Liffe in London, Robusta coffee for March delivery, the second month contract, was down 8 usd at 2,021 usd a tonne, having earlier matched Friday’s 9.5 year peak of 2,041 usd a tonne.
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- January 14th
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