Coffee slumps on worries over large supplies

AP News
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Posted: Feb 06, 2013 5:17 PM

Coffee prices are sliding again as investors worry about large supplies coming from South America.

Coffee for March delivery fell 1.95 cent to settle at $1.421 a pound Wednesday. The contract is down 4 percent so far this week.

Sterling Smith, commodities futures specialist at Citigroup in Chicago, said the coffee market may be close to finding a bottom. If the contract can finish the week above $1.40 a pound, he said, buyers are likely to return.

In other trading platinum rose, as did gold. Silver was little changed, while copper and palladium fell.

Energy prices ended mixed. Corn and soybeans fell, while wheat rose.