Coffee market: Daily news updates: Coffee slips on speculation supplies are building

Coffee futures fell on Tuesday on speculation that some producers may sell stocks quickly, which could alleviate shortages in global supplies.
Coffee for May delivery fell 3.55 cents to settle at 2.7345 dollars per pound.
The price rose 77 percent in 2010 and has continued to rise this year, reaching $ 2.944 a pound earlier this month. Meanwhile, world supplies have been reduced.
Brazil and Vietnam had good crops last year, but many producers have kept their supplies with the hope of selling at higher prices, said Spencer Patton, founder and chief investment officer at hedge fund Steel Vine Investments LLC.
That has been fairly steady decline in supplies in warehouses ICE Futures Exchange. In the last week, however, stores have small increases in inventory, which could be an indication that some producers may be more willing to sell, he said.
"As soon as the producers in Brazil and Vietnam to see prices probably peaked out, you could see a career in supply on the market that generates a little downward pressure," said Patton.
Meanwhile, consumers are seeing the impact. Starbucks Corp. said last week was to raise prices it charges retailers for coffee packaging up to 12 percent to cope with higher costs for grain.
JM Smucker Co., which sells Folgers and Dunkin 'Donuts, Sara Lee Corp., Kraft Foods Inc. and Green Mountain Coffee Roasters Inc. have also raised prices.
In trading, oil prices rose as traders focused on the fighting in the Middle East that could tighten global supplies, when consumption is expected to grow due to improving economies.
Benchmark West Texas crude for May delivery gained $ 1.88 to settle at $ 104.97 a barrel on the New York Mercantile Exchange.
In Nymex trading contracts for April heating oil added 2.37 cents to settle at $ 3.0762 a gallon, gasoline rose 0.71 cent to $ 3.0045 per gallon of natural gas and won 9 , 3 cents to $ 4.254 per 1,000 cubic feet.
The metals were mixed while grains and beans are set higher.
Contracts for May delivery, gold rose $ 1.20 to settle at $ 1.427. 60 an ounce, silver added 26.8 cents to settle at $ 36.269 an ounce and copper gained 2.7 cents to $ 4.313 a pound.
April platinum fell $ 5.50 to settle at $ 1739.40 an ounce and June palladium lost $ 4.45 to $ 737.85 an ounce.
Wheat for May delivery rose 1.25 cents to settle at $ 7.2225 a bushel, corn added 0.25 cents to $ 6.8675 a bushel, and soybeans rose 2.5 cents to $ 13.655 a bushel.