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Wednesday, August 10, 2022

Robusta coffee hits 10 month low on increased supplies

LONDON: Robusta coffee futures on ICE hit fresh ten month lows on Monday amid increased supplies from top producers Vietnam and Indonesia, though improved sentiment in the wider financial markets kept losses in check.

COFFEE

September robusta coffee dipped 0.2% to $2,002 a tonne, having hit its lowest since late August last year at $1,998.

World stocks rose on Monday in trade thinned by a US holiday, benefiting from a recovery in oil prices as concerns about tight supply helped to balance recession fears.

Robusta coffee speculators cut their net long position by 4,810 lots to 16,762 lots as of June 28, data showed.

Dealers said funds had likely further reduced their net long position in robusta since then, noting rising exports from Vietnam, the world’s top robusta producer.

Vietnam coffee exports are estimated to have increased 13.3% year-on-year in June and 21.7% in the first six months of this year, data showed last week Exports of Indonesia’s Sumatra robusta coffee beans rose 27.26% in May from a year ago, data showed. Indonesia is the world’s third largest robusta producer.

COCOA

September London cocoa dipped 0.2% to 1,712 pounds a tonne, having hit its lowest since early March at 1,700.

Cocoa is under pressure from concern that soaring inflation could slow global growth and dent demand. Rain in top producer Ivory Coast, meanwhile, is helping the upcoming main crop.

Above average rainfall last week in some of Ivory Coast’s cocoa growing regions will help cocoa trees but more sunshine would be needed to strengthen the development of the next main crop, farmers said on Monday.

SUGAR

August white sugar rose 0.8% to $553.80 a tonne. White sugar speculators cut their net long position by 4,456 lots to 21,590 lots as of June 28, exchange data showed.

Robusta coffee hits 10 month low on increased supplies

Source: Brecorder

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