LONDON: Coffee futures on ICE rose on Tuesday in a market supported by a slowdown in shipments from major Asian producers while sugar prices were also higher.
COFFEE: Robusta coffee was up 0.4% at $5,004 a metric ton by 1505 GMT.
“Prolonged shipping times to European destinations continue to put strain on global supply chains: coffee spends more time in transit since traffic in the Suez Canal remains extremely restricted,” the International Coffee Organization said in a monthly report. “Consequently, shipments of coffee between coffee-producing countries in Asia and consumer markets in Europe have become slower and more expensive,” the report added. Vietnam exported 1.34 million metric tons of coffee in 2024, down 17.2% from the previous year.
Arabica coffee futures on ICE rose 0.7% to $3.1785 per lb. SUGAR: Raw sugar was up 1% at 19.53 cents per lb.
Dealers said the market had stabilised after falling sharply during the fourth quarter of 2024, though the scope for a significant recovery in prices appeared limited as rains improved the outlook for Brazil’s cane crop.
Comments
Comments are closed for this article.