SOFTS-Arabica coffee climbs to 2-1/2 month high, raw sugar eases

• May arabica coffee was up 0.25 cents, or 0.2pc, to $1.3020 per lb at 1522 GMT, after setting a 2-1/2 month high of $1.3065.
• Brazilian sugar mills were quick to start cane crushing in the new center-south season, processing 3 million tonnes in the first half of March, 88pc more than in the same period a year earlier.

LONDON: Arabica coffee futures on ICE rose to a 2-1/2 month high on Thursday, boosted by potential disruptions to shipments from top producer Brazil.

COFFEE

May arabica coffee was up 0.25 cents, or 0.2pc, to $1.3020 per lb at 1522 GMT, after setting a 2-1/2 month high of $1.3065.

The market has risen sharply during the last few days boosted by operational hurdles in Brazil linked to the spread of the coronavirus.

Dealers noted ICE certified stocks were continuing to decline.

May robusta coffee fell $14, or 1.1pc, to $1,245 a tonne.

Domestic coffee prices rose in top robusta producer Vietnam this week as traders stockpiled the commodity following a supply shortage in rival Brazil due to the coronavirus pandemic, traders said.

The number of people in the United States who have coffee every day has increased 5pc since 2015, maintaining its ranking as the most consumed beverage in the country, the National Coffee Association (NCA) said in a study.

SUGAR

May raw sugar was down 0.04 cents, or 0.35pc, at 11.37 cents per lb.

Brazilian sugar mills were quick to start cane crushing in the new center-south season, processing 3 million tonnes in the first half of March, 88pc more than in the same period a year earlier.

May white sugar rose $13.80, or 4.1pc, to $352.70 a tonne, rebounding after its recent prolonged slide.

COCOA

May London cocoa was down 16 pounds, or 0.9pc, at 1,820 pounds a tonne, weakened by a stronger pound.

Dealers said an improving outlook for the mid-crop in Ivory Coast remained a bearish influence.

May New York cocoa fell $3, or 0.1pc, to $2,245 a tonne.