Arabica futures plunged to a weak settlement by heavy investor selling that hit the commodity complex on Thursday, pushing coffee down to its biggest two-day loss in eight weeks. Raw sugar futures finished at an eight-month low and US cocoa slumped down to its strongest two-day decline in five weeks.
The Reuters-Jefferies CRB index, a global benchmark for commodities, tumbled in its biggest daily percentage fall in more than two years as prices of oil, metals and grains plunged in widespread The key July raw sugar contract fell 0.49 cent, or 2.3 percent, to close at 20.86 cents, the weakest settlement for the spot contract since September 3, 2010, for the second straight day.
July arabica coffee futures dropped 6.25 cents, or 2.1 percent, to finish at $2.8825 per lb. Second-position saw the biggest two-day percentage fall since March 11. Key July cocoa futures tumbled $156, or 4.9 percent, to settle at $3,055 per tonne, the weakest settlement since April 11. Biggest two-day percentage loss since March 30.