Arabica coffee price rise, sugar and cocoa also up
- May arabica coffee rose by 1.45 cents, or 1.1%, to $1.3230 per lb.
- May raw sugar rose by 0.16 cents, or 1.0%, to 16.12 cents per lb.
- May New York cocoa rose by $26, or 1.0%, to $2,599 a tonne.
LONDON: Arabica coffee futures on ICE were higher on Thursday, boosted partly by a strengthening in Brazil's real currency, while sugar and cocoa prices also rose.
COFFEE
May arabica coffee rose by 1.45 cents, or 1.1%, to $1.3230 per lb at 1217 GMT.
Brazil's real currency has recovered some ground after its recent fall to a 10-month low against the dollar ahead of a possible interest rate hike next week.
A stronger real reduces dollar-denominated prices in local currency terms in Brazil, the world's top exporter of coffee, and can deter producers from selling.
May robusta coffee rose by $5, or 0.35%, to $1,415 a tonne with the market edging further away from a five-week low of $1,330 on Monday.
Vietnamese coffee prices picked up on a rebound in London prices, while Indonesian premiums rose ahead of the main harvest which may begin in May, traders said on Thursday.
SUGAR
May raw sugar rose by 0.16 cents, or 1.0%, to 16.12 cents per lb.
Brazil's sugar production is seen falling in the new crop that starts in April after unfavorable weather reduced sugar cane development, but new sugar installations in the country should limit that fall, experts said during a conference on Wednesday.
May white sugar rose by $3.80, or 0.8%, to $456.40 a tonne.
COCOA
May New York cocoa rose by $26, or 1.0%, to $2,599 a tonne.
Dealers said the market continued to derive support from technically-driven fund buying with speculators holding net long positions in both New York and London cocoa.
Fundamental remained bearish, however, with a global surplus forecast for the current 2020/21 season and ongoing concerns about weak demand linked to the COVID-19 pandemic.
May London cocoa rose by 22 pounds, or 1.25%, to 1,782 pounds a tonne.
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