MILAN – Ice Arabica futures fell sharply on Wednesday under heavy selling ahead of the first notice day. The most active contract for July delivery in New York settled down 330 points, or 3.6%, at 89.65 cents per lb, after falling to 89 cents, the lowest level for the second month since September 2005.
Brazil’s bumper crop continues to bring down the market and the approach of this year’s harvest, which is expected to gather pace next month, was also bearish, dealers said.
A weaker Brazilian currency also pressured prices, dealers said, as it can encourage the sale of dollar-denominated commodities.
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