Arabica Coffee futures have plunged sharply in its New York trades. Bears have unfortunately dominated trades which have resulted to such decline.

The December Deliveries of Arabica coffee tumbled by 1.7% or $1.2295 a pound, on the ICE Futures U.S. Exchange. This was believed to be deepest close since June 22 of this year.

According to Nick Gentile, the futures have experienced a sold-off last week due to the favorable weather in Brazil for coffee. However, Gentile adds that he estimates a price decrease soon which could hit $1.16.