Robusta coffee edges up as supplies tighten
- March raw sugar rose 0.85% to 18.91 cents per lb
- March New York cocoa was up 0.5% at $2,480 a tonne
- January robusta coffee rose 0.3% to $2,393 a tonne
LONDON: Robusta coffee futures on ICE rose on Monday, edging towards the prior session's 10-year peak, supported by fund buying against the backdrop of tightening supplies as the harvest in top robusta producer Vietnam faced delays.
Coffee
January robusta coffee rose 0.3% to $2,393 a tonne by 1245 GMT. The front month had climbed to a 10-year high of $2,419 on Friday.
Rains have disrupted the harvest in Vietnam while the COVID-19 pandemic has contributed to a cherry picker shortage.
Dealers said supplies of robusta coffee in Europe were tightening with Valid ICE stocks falling to 104,610 tonnes, as of Dec. 5, down from 115,090 tonnes about a month ago.
Funds have also been extending a net long position in robusta coffee during the recent run-up in prices.
March arabica coffee rose 0.3% to $2.4415 per lb.
Raw sugar prices rise as energy markets rally
Cocoa
March New York cocoa was up 0.5% at $2,480 a tonne.
Dealers said the market was underpinned by the prospect of a fall in production in top grower Ivory Coast this season although there also remained concerns that the new COVID-19 variant could slow the recovery in consumption.
Cocoa arrivals at ports in top grower Ivory Coast had reached 747,000 tonnes by Dec. 5 since the start of the season on Oct. 1, exporters estimated on Monday, down 10.1% from 831,000 tonnes over the same period last season.
March London cocoa fell 0.1% to 1,694 pounds a tonne.
Sugar
March raw sugar rose 0.85% to 18.91 cents per lb boosted partly gains in energy prices.
March white sugar rose 0.2% to $487.70 a tonne.
Comments
Comments are closed for this article.