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LONDON — Arabica coffee futures on ICE were lower on Thursday as the market resumed a prolonged downtrend after a recent rally, while sugar prices also fell.
COFFEE
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* March arabica coffee was down 2.4% to $1.6580 per lb at 1524 GMT. The market had earlier risen to a four-week high of $1.7435.
* Dealers said the market remained focussed on the outlook for next year’s crop in Brazil, with forecasts for a potentially huge harvest sending prices down to a 16-month low last month.
* Some concerns about the production outlook helped to fuel a short-term rebound but many still expect a bumper crop.
* Strong Brazilian production is likely to create a global surplus and drive down the New York price next year, Roberto Velez, manager of Colombia’s National Federation of Coffee Growers, told a news conference.
* A continued rise in exchange arabica stocks also remained a bearish influence on prices.
* ICE certified coffee stocks stood at 591,769 bags on Nov. 30, well above a 23-year low of 382,695 bags set on Nov. 3. There were 465,218 bags pending grading.
* January robusta coffee rose 0.6% to $1,899 a tonne.
* Coffee prices in Vietnam remained flat on Thursday from a week ago, traders said on Thursday.
SUGAR
* March raw sugar fell 0.7% to 19.48 cents per lb.
* The market remained underpinned by a prolonged period of rain in Brazil’s south and southeastern regions that is expected to hurt cane harvest progress and also impact sugar loading operations in Paranagua, the country’s No. 2 port.
* March white sugar fell 0.2% to $538 a tonne.
COCOA
* March New York cocoa rose 1.6% to $2,538 a tonne.
* The market was underpinned by an upward revision to the International Cocoa Organization’s global deficit forecast for the 2021/22 season.
* March London cocoa fell 0.9% to 1,980 pounds a tonne, partly owing to the strength of sterling. (Reporting by Nigel Hunt; Editing by Anil D’Silva and Mark Potter)
LONDON — Arabica coffee futures on ICE rose on Thursday, extending the recent advance, with the market supported by a diminishing outlook for next year’s crop in Brazil.
LONDON — Raw sugar futures on ICE hit 2-1/2 week lows on Monday as rare protests against China’s strict zero-COVID curbs sparked worries over demand growth in the world’s second-largest economy.
LONDON — ICE arabica coffee futures rose on Tuesday, with traders still concerned about prospects for next year’s crop in top producer Brazil, while raw sugar rose.
LONDON — ICE arabica coffee futures rose on Tuesday, with traders still concerned about prospects for next years crop in top producer Brazil, while raw sugar fell.
LONDON — Raw sugar futures on ICE hit 2-1/2 week lows on Monday as rare protests against China’s strict zero-COVID curbs sparked worries over demand growth in the world’s second-largest economy.
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