Arabica at lowest since January 2014

Arabica coffee futures on ICE fell to the lowest levels in more than a year on Friday, on chart-base selling and pressure from a bearish report, while raw sugar fell to a seven-week low after a report showed huge global stocks. London cocoa futures rose to the highest in nearly eight months on support from the weak British sterling, while it pressured the New York market. The markets will be closed on Monday for the US Memorial Day and UK spring bank holidays.
Arabica coffee futures fell on chart-based sell signals and on follow-through weakness, after sinking more than 5 percent on Thursday after Volcafe, the Swiss-based coffee division of commodities house ED&F Man, raised its global coffee output forecasts. July arabica coffee futures settled down 1.5 cents, or 1.2 percent, at $1.2695 per lb, after falling to $1.258, the lowest for the spot contract since February 2014. They closed down for the fourth straight session and ended the week down 7.5 percent, the biggest fall since late February.
Total open interest jumped by more than 4,000 lots to 191,069 lots on Thursday as the market sank, exchange data showed, indicating new short positions. July robusta coffee ended down $56, or 3.3 percent, at $1,626 a tonne, the lowest since January 2014. It closed the week down 6.8 percent, marking the sixth straight decline and the biggest since mid-March. Raw sugar futures extended losses, after the International Sugar Organisation raised its global surplus forecast for 2014/15.
July raw sugar futures eased 0.18 cent, or 1.4 percent, to close at 12.31 cents a lb, after touching a seven-week low of 12.28 cents a lb. They closed down for the second straight week. "Chart-wise it doesn't look good," a senior London-based broker said. August white sugar finished down $5.60, or 1.6 percent, at $351.30 a tonne, after touching a contract low at $350.30.
In cocoa, London July futures finished up 16 pounds, or 0.8 percent, at 2,112 pounds per tonne, after rising to $2,113, the highest since September 2014. New York July cocoa closed down $10, or 0.3 percent, at $3,153 a tonne, falling from Thursday's seven-month peak at $3,181. Still, it closed the week higher for the third straight week.