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UPDATE 2-SOFTS-Coffee Settles Lower On Profit Taking As Traders Digest Biden Win

From: reuters.com

ICE coffee futures fell on Monday on profit taking, reversing earlier gains on news of Joe Biden’s election as president of the United States and promising developments from Pfizer’s COVID-19 vaccine candidate.

COFFEE

* December arabica coffee edged down 0.1 cents, or 0.1%, to $1.0685 per lb.

* Arabica has gained some support from concerns recent dry weather could contribute to a significant production decline in top grower Brazil next year.

* One dealer said the dollar weakness expected following Biden’s win, plus a recovery in demand as coronavirus cases recede, should lift coffee prices longer term.

* January robusta coffee settled down $3, or 0.2%, at $1,347 a tonne, having hit its highest since late September.

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