Coffee falls on ample supllies, Goldman Sachs expects further it to rebound

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Source: Dukascopy Bank
Agricultural commodities advanced on Monday on the unfavorable weather conditions in South America that weighted down on the crop forecast. Softer US Dollar also contributed to gains. However, meteorologists claimed that cold front is likely to bring rains in the major grain-growing areas. The only loser was coffee that dropped by 2.64% over the day on the expected ample global supplies. The largest African coffee producers reported the projected increase in the coffee output. However, Goldman Sachs and Morgan Stanley expect the coffee price to stay resilient in 2012 amid lower harvest forecast in Brazil and Colombia coupled with strong demand.


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