LONDON: Arabica coffee futures on ICE were higher on Tuesday, supported by a further drawdown in exchange stocks, while cocoa and raw sugar prices also rose.
December arabica coffee was up 0.4 cents, or 0.3%, at $1.2055 per lb at 1341 GMT.
Dealers said the market was supported by a continued decline in certified exchange stocks, which totalled 1.32 million bags as of Aug. 24, sharply down from 2.36 million bags at the same stage last year.
Marex Spectron forecast there would be a global surplus of arabica coffee of 3.8 million bags in the 2020/21 season versus a deficit of 4.4 million in the prior season. November robusta coffee rose $6, or 0.4%, to $1,410 a tonne.
Marex Spectron forecast a global deficit of robusta coffee of 0.7 million bags in the 2020/21 season versus a surplus of 2.1 million in the prior season. December New York cocoa rose $50, or 2.0%, to $2,509 a tonne, climbing towards a five-month high of $2,535 set on Aug. 10.
December London cocoa was up 22 pounds, or 1.3%, at 1,725 pounds a tonne.
October raw sugar rose 0.04 cents, or 0.3%, to 12.75 cents per lb. October white sugar fell $2.40, or 0.65%, to $365.50 a tonne.-Reuters
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