Robusta coffee futures dropped on Monday, continuing their retreat from last week’s record highs. Meanwhile, London cocoa and white sugar prices saw slight increases.
Arabica coffee, raw sugar, and New York cocoa markets were closed on Monday in observance of a U.S. public holiday.
Robusta coffee fell 0.8% to close at $5,680 per metric ton, after reaching a record high of $5,849 last week.
Dealers noted that the recent surge in prices seemed to have lost momentum, and the market could see further declines in the short term.
However, the market remains supported by the recent strength of arabica prices. Tight supplies of robusta also contribute to market stability, with farmers in Vietnam, the leading robusta producer, holding back on sales in anticipation of higher prices.
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