Morning Review: Arabica Coffee Futures fell as rainfall in Brazil eased concerns about crop damage

New YORK / London (Reuters)-ICE Arabica coffee futures plunged as much as 4 percent on Wednesday as technical weakness triggered a late sell-off and rain in Brazil, the largest coffee grower, eased fears of drought damage.

ICE raw sugar futures fell as cocoa futures fell due to short-term ample supply as more investors expected a glut.

Benchmark ICE- December Arabica coffee futures fell 7.15 cents, or 3.4%, to close at $2.023 a pound. The contract fell as much as 8.4 cents in late trading as volume widened by technical resistance after failing to rise above the one-month high of $2.0995 hit yesterday.

Rain in coffee-growing areas in Brazil weighs on coffee prices throughout the day.

Liffe- November Robusta coffee futures closed down $50, or 2.4%, at $2062 a tonne.

ICE- October raw sugar futures closed down 20 cents, or 1.3%, at 15.62 cents per pound.

Liffe- October sugar futures fell $3.20, or 0.7%, to close at $425.60 a tonne.

In the cocoa market, ICE- December cocoa futures hit an one-month low of $3144 before rebounding to close down $19, or 0.6%, at $3146 a tonne.

Liffe- December cocoa futures closed up £2, or 0.1%, at £1992 a tonne.