LONDON: Arabica coffee futures on ICE fell on Friday with recent 13-year lows still in sight given excess supplies, while Robusta coffee recovered from the previous session's three-year low.
COFFEE
July arabica coffee fell 0.5 cent, or 0.5 percent, to 92.85 cents per lb at 1252 GMT. Although prices have steadied since plunging to a 13-1/2 year low last week, dealers said the market has yet to find a floor.
"We've been here before, recoveries don't last long. Confidence from the commercial sector is almost zero, we're stuck in a doom loop for now," said one dealer.
A massive harvest in top producer Brazil last year coupled with bearish technical signals continue to weigh on coffee.
July robusta coffee rose $6, or 0.4 percent, to $1,397 per tonne, after pressure from falls in arabica sent it to a low of $1,369 on Thursday.
A recovery in the Brazilian real could support coffee by discouraging producer selling, though the currency remains weak for now, dealers said.
COCOA
July London cocoa fell 5 pounds, or 0.3 percent, to 1,730 pounds per tonne, giving back some of the previous sessions gains.
Ivory Coast, the world's top cocoa producer, exported 1,122,397 tonnes of raw cocoa beans from Oct. 1 to March 31, up about 3.4 percent year-on-year.
Indonesia will keep its cocoa export tax for May shipments unchanged at 5 percent.
July New York cocoa settled up $37, or 1.7 percent, at $2,285 per tonne, following four consecutive days of declines.
New York July cocoa may retest a resistance at $2,281 per tonne, a break above which could lead to a gain towards the next resistance at $2,317, according to Reuters technical analyst Wang Tao.
SUGAR
July raw sugar was flat at 12.36 cents per lb, still within its recent range. Sugar has received little support form data showing the Brazilian harvest is off to a slow start.
Sugar production in Brazil's center-south region fell 52 percent to 340,000 tonnes in the first two weeks of the new season, below market expectations.
August white sugar was down 40 cents, or 0.1 percent, at $339.70 per tonne.
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