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Markets

Robusta coffee extends rebound, sugar also climbs

  • May robusta coffee rose by $10, or 0.7%, to $1,410 a tonne .
  • Vietnam's February coffee exports were down 23.5% from January at 122,833 tonnes, government customs data showed on Tuesday.
10 Mar 2021

LONDON: Robusta coffee futures on ICE rose on Wednesday, regaining some ground after their recent decline to a five-week low, while sugar prices also gained.

COFFEE

May robusta coffee rose by $10, or 0.7%, to $1,410 a tonne at 1335 GMT, with the market extending its rebound after dipping to a five-week low of $1,330 on Monday.

Dealers said the prospect of a large robusta crop in Brazil this year should help to keep a lid on prices.

Vietnam's February coffee exports were down 23.5% from January at 122,833 tonnes, government customs data showed on Tuesday.

May arabica coffee rose by 0.3 cents, or 0.2%, to $1.3070 per lb.

Brazil, which in the past rarely delivered coffee at the exchange, has now surpassed Honduras to become the main origin of certified arabica stocks.

SUGAR

May raw sugar rose by 0.2 cents, or 1.3%, to 16.10 cents per lb, boosted partly by a slight recovery in Brazil's real currency after its recent slump.

Dealers said a stronger Brazilian currency should reduce the incentive for producers to sell in the world's top exporter.

They also noted that fewer mills in Centre-South Brazil were expected to start up this month compared with last season, said cane industry group UNICA.

May white sugar rose by $1.10, or 0.2%, to $453.80 a tonne.

The US government on Tuesday reduced projections for sugar consumption and sugar imports in the 2020/21 season (fiscal year, Oct-Sept) after slow sugar use in the first third of that period.

COCOA

May London cocoa fell by 1 pound, or 0.1%, to 1,752 pounds a tonne.

May New York cocoa rose by $13, or 0.5%, to $2,566 a tonne.