LONDON: Coffee prices fell on Tuesday as results from JDE Peets reminded investors that demand remains well short of pre-pandemic levels. May arabica coffee fell 0.2% to $1.2885 per lb by 1128 GMT, having earlier matched Monday’s two-week low of $1.2800.
Coffee company JDE Peet’s reported a 4.2% fall in annual sales as pandemic-hit sales in cafes outweighed a boom in home-use products. CEO Fabien Simon said it will probably take 18-24 months for the out-of-home market to return to pre-pandemic levels. Shares tumbled as investors viewed the outlook as disappointing.
Coffee prices have been recovering this year on worries over the coming crop in top producer Brazil after forecasts of colder weather. May robusta coffee fell 1% to $1,347 a tonne after touching a one-month low of $1,335. May raw sugar fell 0.6% to 16.11 cents per lb after sliding by 1.2% on Monday.
May white sugar fell 0.4% to $458.30 a tonne. May London cocoa fell 0.2% to 1,758 pounds a tonne, having lost 0.9% on Monday, heading further away from last week’s three-month peak. May New York cocoa rose 0.5% to $2,545 a tonne, reversing the previous session’s losses.
Comments
Comments are closed for this article.