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Coffee Drops as Dollar Strengthens, Sugar Declines

February 10, 2010 at 22:33 by Vladimir Vyun

Coffee slid New York as the stronger dollar curbed demand for commodities as an alternative investment. The greenback gained for the first time this week versus a basket of six major currencies. March futures for Arabica-coffee delivery slid $0.006 (0.5 percent) to $1.298 per pound by 9:51 on ICE Futures U.S. in New York. Coffee price may tumble to $1.20 if the dollar rally will continue, yet the coffee may rise with deficit of high quality coffee and in case of dollar decline. The coffee price increased previous year because adverse weather harmed harvests in Brazil and Colombia.

Sugar rose on speculation that farmers in India will not significantly increase planting of cane. A less-than-expected increase in planting area can lead to import of sugar by India, supporting prices. March futures for raw-sugar delivery rose 1.8 percent to $0.2707 per pound on ICE.

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