Coffee's outlook changes to negative on the expected oversupply

Source: Dukascopy Bank
Grain commodities faced some losses after Tuesday's rally as news as stronger China's demand for US grain exports appeared to create short-living momentum. At the same time, sugar and coffee show relative stability posting slight gains over the week. Sugar continues moving up even despite expected oversupply in the market in the current season. Coffee advanced despite fears that current coffee crops are sufficient enough to meet global consumption. The ABN also expects coffee price to be under pressure in 2012 and projects Arabica coffee to average at 230 cents per pound in Q1.


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