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LONDON — Arabica coffee prices on ICE hit a fresh 13-month low on Friday, heading for a second straight weekly loss amid an upbeat supply outlook and ongoing concerns about surging inflation and a weakening global economy.
COFFEE
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* December arabica coffee fell 2.2% to $1.8690 per lb at 1207 GMT, having touched its lowest since September 2021 at $1.8680.
* “Coffee futures have shaken off concerns as to tight global inventories and instead seen prices fall on an improving weather outlook in Brazil and a deteriorating consumption environment,” said Fitch Solutions in a note.
* Brazilian coffee farmers sold 60% of this year’s crop by Oct. 18, a much slower selling pace than seen at this time last year, of 68%, consultancy Safras & Mercado said.
* Dealers noted sales in top producer Brazil have almost completely stalled, with farmers reluctant to clinch deals at low prices. With exporters in need of coffee to cover pre-agreed sales, this could eventually underpin prices, they said.
* January robusta coffee fell 2.7% to $1,985 a tonne.
SUGAR
* March raw sugar rose 0.8% to 18.53 cents per lb, having hit its lowest in two weeks at $18.26.
* Dealers said the market has a bearish taint amid a growing view that a decent-sized production surplus will be seen this season, especially if demand starts to fall away as economic growth stalls.
* December white sugar rose 2.1% to $539.20 a tonne.
COCOA
* December New York cocoa fell 1.4% to $2,297 a tonne.
* North America’s cocoa grindings, a measure of demand, fell 3.37% in the third quarter from a year earlier to 119,244 tonnes, in line with market expectations, data showed.
* Asia’s third-quarter cocoa grind rose 9.5% year-on-year to 231,080 tonnes, data showed.
* March London cocoa rose 0.8% to 1,916 pounds per tonne, helped by continued weakness in sterling. (Reporting by Maytaal Angel; Editing by Devika Syamnath)
LONDON — Arabica coffee prices on ICE hit a fresh 13-month low on Friday, heading for a second straight weekly loss amid an upbeat supply outlook and ongoing concerns about surging inflation and a weakening global economy.
NEW YORK/LONDON, Oct 21 (Reuters) –
NEW YORK/LONDON — Arabica coffee prices on ICE fell for the seventh consecutive session on Thursday to hit the lowest in nearly 13 months, with dealers focused on favorable weather in Brazil, Central America, Mexico and Colombia, amid a weakening global economy.
Brazilian coffee farmers sold 60% of this year’s crop by Oct. 18, a much slower selling pace than seen at this time last year (68%), but a bit ahead of the long-term average (58%) for the period, consultancy Safras & Mercado said in a report on Thursday.
JOHANNESBURG — South Africa’s headline consumer inflation slowed for a second month in a row in September, to 7.5% year on year from 7.6% in August, though core inflation rose, data from Statistics South Africa showed on Wednesday.
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