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Friday, February 3, 2023

Arabica coffee hits 3-1/2 week low; sugar also down

LONDON: Arabica coffee futures on ICE dipped to a 3-1/2 week low on Friday, weighed down by favourable crop weather in top producer Brazil, while sugar and cocoa prices also fell.

Coffee

March arabica coffee fell 0.9% to $1.5910 per lb by 1110 GMT after dipping to a 3-1/2 week low of $1.5905.

“An end to Brazil’s dry spell eased concerns over Brazil’s crops. Additionally, the latest ICE arabica coffee inventory data showed another increase in global inventories,” Fitch Solutions said in a note.

Dealers noted that ICE certified coffee stocks stood at a six-month high of 820,540 bags on Jan. 5. There were 218,645 bags pending grading.

March robusta coffee fell 0.3% to $1,826 a tonne.

Sugar

March raw sugar fell 0.3% to 19.29 cents per lb after setting a one-month low of 19.28 cents.

Dealers said some funds were liquidating long positions, with production in India and Thailand exceeding some forecasts while changes to the Brazilian government’s fuel policy is set to encourage cane mills to favour sugar over ethanol.

March white sugar was 0.45% down at $532.30 a tonne.

Cocoa

March London cocoa slipped by 0.3% to 2,064 pounds a tonne.

March New York cocoa was 0.8% down at $2,597 a tonne.

Arabica coffee hits 3-1/2 week low; sugar also down

Source: Brecorder

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