US MIDDAY: coffee drops

Arabica coffee futures closed down 2 percent at their lowest settlement in 6 weeks Monday on follow-through selling after dropping 9 percent last week. Raw sugar closed higher while US cocoa was up a shade, in lacklustre dealings after last week's volatility left many market players on the sidelines. Volume was light in all three markets.
The key July raw sugar contract rose 0.32 cent to settle at 21.77 cents per lb. The rest of the board declined. July arabica coffee futures dropped 5.30 cents, or 2 percent, to finish at $2.6410 per lb, the weakest settlement since April 4. Key July cocoa futures inched up $4 to settle at $3,006 per tonne.