AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,943 Increased By 105.5 (1.35%)
BR30 25,639 Increased By 187.1 (0.73%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)
Markets

Arabica coffee climbs to highest level since 2017

  • July arabica coffee was up 0.4 cents, or 0.3%, to $1.4375 per lb.
  • May raw sugar was up 0.15 cents, or 0.9%, at 17.32 cents per lb after peaking at 17.40 cents, its highest since Feb. 26.
Published April 27, 2021

LONDON: Arabica coffee futures on ICE rose to the highest level in more than three years on Tuesday with supplies set to tighten over the next few months, while raw sugar climbed to a two-month peak.

COFFEE

July arabica coffee was up 0.4 cents, or 0.3%, to $1.4375 per lb by 1348 GMT. The benchmark second position peaked at $1.4480, its highest since August 2017.

Commerzbank noted in a daily update the crop in top producer Brazil, where the harvest has begun, was expected to fall 30% short of last year.

Demand is also beginning to revive as speedy vaccinations in the United States and China make customers more comfortable with returning to their morning coffee runs.

"New York (arabica coffee) is...at its highest level since August 2017, boosted by the deficits expected in 2021/22," Commerzbank added.

Dealers said the recent breach of resistance levels, including a peak for the July contract of $1.4220 set in February, had helped to generate technically-driven buying.

July robusta coffee rose by $7, or 0.5%, to $1,447 a tonne.

SUGAR

May raw sugar was up 0.15 cents, or 0.9%, at 17.32 cents per lb after peaking at 17.40 cents, its highest since Feb. 26.

Dealers said drier-than-normal weather had added to concerns about Brazil's crop development.

"Momentum remains strong and will likely only encourage further buying," Commonwealth Bank of Australia analyst Tobin Gorey said in a note, adding the market had breached recent resistance during trading on Monday.

August white sugar rose by $2.80, or 0.6%, to $468.30 a tonne.

COCOA

July New York cocoa fell by $13, or 0.5%, to $2,474 a tonne, weighed by excess supplies.

July London cocoa fell by 8 pounds, or 0.5%, to 1,646 pounds a tonne.

Comments

Comments are closed.