By Yi Tian
Nov. 25 (Bloomberg) -- Coffee rose for the second straight day as the dollar dropped, enhancing the appeal of some U.S. commodity futures.
The greenback weakened as much as 1.5 percent against a basket of six major currencies, after dropping 2.4 percent yesterday. Last week, coffee dropped 4.1 percent, while the dollar had the biggest gain in almost a month. Other so-called soft commodities such as cocoa and orange juice rose.
“The dollar is giving a lot of support to soft commodities,” said Marcio Bernardo, a broker at Newedge USA LLC in New York.
Arabica-coffee futures for March delivery gained 0.35 cent, or 0.3 percent, to $1.144 a pound on ICE Futures U.S. in New York. Yesterday, the price rose 3 percent, the most for a most- active contract since Nov. 12.
In London, robusta coffee for January delivery rose $15, or 0.8 percent, to $1,910 a metric ton on the Liffe exchange.
To contact the reporter on this story: Yi Tian in New York at ytian8@bloomberg.net.
Posts
No comments:
Post a Comment