LONDON: Arabica coffee futures on ICE were slightly higher on Wednesday with the market on track for a third consecutive daily gain, while sugar prices also edged up.
Coffee
March arabica coffee rose 0.8% to $1.6925 per lb by 1302 GMT.
Dealers said the recent rally was largely technically-driven and the scope for further gains appeared limited, particularly given the continued rise in exchange stocks.
ICE certified coffee stocks stood at 717,646 bags on Dec. 13, the highest level since July 20 and well above a 23-year low of 382,695 bags set on Nov. 3. There were 346,116 bags pending grading.
March robusta coffee rose 0.05% to $1,873 a tonne.
Dealers noted the harvest in top robusta producer Vietnam was around 70% complete with further rains adding to concerns about the quality of the crop.
Sugar
March raw sugar rose 0.05% to 19.77 cents per lb.
Dealers said supplies were expected to be ample next year although there remained some short-term tightness partly driven by delays to the harvest in major exporter Thailand.
March white sugar rose 0.2% to $541.40 a tonne.
Cocoa
March London cocoa rose 0.2% to 1,955 pounds a tonne.
A total of 82,770 tonnes of cocoa was tendered against the ICE December London cocoa contract, exchange data showed on Wednesday.
March New York cocoa fell 0.7% to $2,523 a tonne.
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