AIRLINK 63.30 Increased By ▲ 1.10 (1.77%)
BOP 6.13 Decreased By ▼ -0.10 (-1.61%)
CNERGY 4.88 Decreased By ▼ -0.11 (-2.2%)
DFML 14.80 Decreased By ▼ -0.10 (-0.67%)
DGKC 67.34 Decreased By ▼ -1.65 (-2.39%)
FCCL 17.46 Decreased By ▼ -0.27 (-1.52%)
FFBL 25.00 Increased By ▲ 0.40 (1.63%)
FFL 9.18 Decreased By ▼ -0.03 (-0.33%)
GGL 10.25 Increased By ▲ 0.35 (3.54%)
HBL 108.12 Decreased By ▼ -0.38 (-0.35%)
HUBC 116.89 Increased By ▲ 0.39 (0.33%)
HUMNL 6.63 Decreased By ▼ -0.07 (-1.04%)
KEL 4.42 Decreased By ▼ -0.04 (-0.9%)
KOSM 4.65 Decreased By ▼ -0.07 (-1.48%)
MLCF 35.95 Decreased By ▼ -0.95 (-2.57%)
OGDC 123.00 Decreased By ▼ -0.30 (-0.24%)
PAEL 22.76 Increased By ▲ 0.32 (1.43%)
PIAA 23.89 Increased By ▲ 1.67 (7.52%)
PIBTL 5.74 Decreased By ▼ -0.01 (-0.17%)
PPL 111.30 Increased By ▲ 0.40 (0.36%)
PRL 27.56 Decreased By ▼ -0.01 (-0.04%)
PTC 15.25 Increased By ▲ 1.06 (7.47%)
SEARL 52.95 Decreased By ▼ -0.30 (-0.56%)
SNGP 63.40 Decreased By ▼ -0.35 (-0.55%)
SSGC 10.85 Decreased By ▼ -0.15 (-1.36%)
TELE 9.22 Increased By ▲ 0.27 (3.02%)
TPLP 10.90 Increased By ▲ 0.17 (1.58%)
TRG 71.30 Increased By ▲ 1.00 (1.42%)
UNITY 24.80 Increased By ▲ 0.60 (2.48%)
WTL 1.38 Increased By ▲ 0.02 (1.47%)
BR100 6,751 Increased By 52.9 (0.79%)
BR30 22,646 Increased By 28.2 (0.12%)
KSE100 65,503 Increased By 612.1 (0.94%)
KSE30 21,721 Increased By 185.1 (0.86%)
Markets

Arabica coffee falls as new COVID-19 strain sinks markets

  • The dollar surged versus most currencies, making dollar-priced soft commodities costlier for non US investors early in the day but shifted course, driving the sugar and cocoa markets.
Published December 22, 2020

NEW YORK/LONDON: Arabica coffee fell on Monday as investors sought refuge in the perceived safety of the dollar, unnerved by news of a fast-spreading new coronavirus strain that shut down much of the United Kingdom and disrupted international freight.

The dollar surged versus most currencies, making dollar-priced soft commodities costlier for non US investors early in the day but shifted course, driving the sugar and cocoa markets.

Sugar was down earlier on the news but recouped its losses, as did cocoa.

COFFEE

March arabica coffee settled down 0.95 cents, or 0.8%, at $1.243 per lb, having hit a one week low earlier.

Arabica closed last week up 3.6% despite upward revisions during the week to the Brazilian 2020 crop.

Speculators raised their net long position in arabica in the week to Dec. 15 by 4,295 contracts to a total long of 19,469 contracts, data showed.

Dealers said arabica had topped out for now and would struggle to trade higher with Europe heading into another lockdown.

March robusta coffee settled up $3, or 0.2%, at $1,383 a tonne.

SUGAR

March raw sugar ??settled up 0.09 cents, or 0.6%, at 14.53 cents per lb??.

Speculators reduced their bullish bet in raw sugar in the week to Dec. 15 by 15,557 contracts, taking their net long position down to 149,148 contracts, CFTC data showed.

Dealers said sugar looks set to drop, though a fall below 14 cents should trigger end-user buying.

Egypt aims to import 400,000-500,000 tonnes of sugar in 2021, the head of the agriculture ministry's sugar crop council told Reuters.

March white sugar ??settled up $2.00, or 0.5%, at $400.30 a tonne.

COCOA

March London cocoa ??settled up 33 pounds, or 2.0%, to 1,718 pounds per tonne?.

Sterling fell as much as 2.5% as investors sought refuge in the dollar on news of the fast-spreading new coronavirus strain.

A weaker pound makes sterling priced London cocoa cheaper for non-British investors.

March New York cocoa ??settled up $49, or 2.0%, to $2,555 a tonne.

Comments

Comments are closed.