Coffee declined on weak fundamentals

Source: Dukascopy Bank SA
Rural commodities were mixed on Monday as Eurozone's instability continued to dent demand prospects. At the same time, deteriorating weather in the top-growing regions worldwide provided fresh stimulus for the commodity pack.

Wheat soared as Russian harvest is expected to fall by 7.2 MT this year because of drought. However, Rabobank's report that global supplies are likely to be ample while demand may weaken capped the upswing.

Corn was the top-gainer as dry weather in some parts of the US may impact crops.

Sugar retreated despite unfavorable weather in Brazil. Reports that Australian sugar harvest will approach three-year high sent the sweetener's price lower.

Coffee attained two-year low amid persistent worries about faltering world's economy and sufficient world supplies.


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