Arabica coffee futures tumbled from 34-year highs on Wednesday as part of a commodity-wide sell-off due to weak US data and speculation that global economic growth could stall this year. Sugar lost ground because of ample supplies, while cocoa slid due to easing tensions in top grower Ivory Coast and prospects for a pick-up in cocoa exports later this week.
The July arabica coffee contract on ICE Futures US dropped 11.65 cents or 3.8 percent to settle at $2.945 per lb, having hit an eight-day low at $2.912. The July raw sugar contract declined 0.70 cent to close at 21.35 cents per lb, its lowest settlement since September 3, 2010. Some traders said ICE front-month July raw sugar futures could soon test psychological support at 20 cents. Cocoa futures also declined, with traders looking at the restart of exports from Ivory Coast. New York's July cocoa contract dropped $60 to end at $3,211 per tonne.
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