Coffee Futures Drop to One-Year Low; Sugar Rises; Cocoa Falls
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Coffee fell to a one-year low as inventories monitored by ICE Futures U.S. climbed for the seventh straight week. Sugar advanced, and cocoa dropped. Stockpiles of coffee monitored by ICE have jumped 20 percent since Nov. 1 to 1.53 million bags. Arabica futures in New York have dropped 11 percent this year after surging 77 percent in 2010.
“Warehouse stockpiles are higher, and that may be keeping buyers at bay,” Sterling Smith, an analyst at Country Hedging in St. Paul, Minnesota, said in a telephone interview.