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Markets

Arabica coffee slips off 4-year high, raw sugar also falls

  • July arabica coffee fell 1.5% to $1.5210 per lb.
  • July raw sugar fell 0.5% to 17.47 cents per lb, having hit a 1-1/2 week high of 17.89 cents earlier on Thursday.
07 May 2021

LONDON: Arabica coffee futures on ICE fell on Friday as the market consolidated after hitting a four-year peak in the prior session, while raw sugar and cocoa also fell.

COFFEE

July arabica coffee fell 1.5% to $1.5210 per lb at 1115 GMT, having hit $1.5540 on Thursday, its highest since January 2017.

Arabica has been supported by dry weather in top producer Brazil that is expected to reduce this year's harvest.

Also giving the market a boost, the Brazilian real has been strengthening, hitting its highest in more than three months on Thursday.

A strong real deters farmers and exporters from selling dollar-priced arabica by lowering returns in local currency terms.

July robusta coffee fell 0.6% to $1,538 a tonne.

SUGAR

July raw sugar fell 0.5% to 17.47 cents per lb, having hit a 1-1/2 week high of 17.89 cents earlier on Thursday.

Dealers said sugar might see some selling near term given the widening discount for the July contract versus October, a bearish signal indicating increased nearby supply.

They added however, July should find support below 17.20, with a deteriorating supply outlook in top producer Brazil meaning the market is ultimately still poised for gains.

August white sugar fell 0.5% to $460.40 a tonne.

COCOA

July New York cocoa fell 0.7% to $2,396 a tonne. The contract hit a 5-1/2 month low of $2,347 on Tuesday.

July London cocoa fell 0.7% to 1,600 pounds per tonne. The contract hit its lowest since last July on Tuesday at $1,575.

Cocoa has been pressured by surplus supply in the current season.