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Tuesday, October 5, 2021

Arabica coffee falls from two-month top but stocks underpin

LONDON: Arabica coffee futures on ICE fell on Tuesday after scaling a two-month peak in the previous session, though continuing declines in exchange stocks kept losses in check.

New York cocoa retreated from Monday’s 10-month high while raw sugar edged up.

Coffee

December arabica coffee fell 1.7% to $1.9705 per lb at 1122 GMT, having hit a two-month high of $2.0685 on Monday.

ICE exchange stocks are at their lowest since late May, data showed, underpinning coffee in the face of forecasts for ample rains to reach top producer Brazil’s coffee areas in the coming days.

Arabica prices are not far off multi-year highs hit in July after drought and frosts in Brazil.

November robusta coffee fell 0.8% to $2,133 a tonne.

Raw sugar prices edge higher, arabica coffee weakens

Cocoa

December New York cocoa fell 1% to $2,726 a tonne after touching a 10-month high of $2,792 on Monday.

Heavy rains have triggered an outbreak of fungal black pod disease in some of top producer Ivory Coast’s cocoa-growing regions.

December London cocoa fell 0.4% to 1,890 pounds a tonne.

Sugar

March raw sugar rose 0.3% to 19.75 cents per lb.

Risk sentiment recovered somewhat in the wider financial markets, helping sugar.

Dealers noted that sugar has repeatedly failed to break out of its recent range, with fund long liquidation meaning it could test the bottom of the range in the near term.

December white sugar rose 0.9% to $507 a tonne.

Arabica coffee falls from two-month top but stocks underpin

Source: Brecorder

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