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Arabica coffee prices weaken, raw sugar rises

  • September arabica coffee fell by 0.7 cents, or 0.45%, to $1.555 per lb.
  • September robusta coffee rose by $3, or 0.2%, to $1,599 a tonne.
Updated 15 Jun, 2021

LONDON: Arabica coffee futures on ICE were lower on Tuesday with much needed rains forecast for top producer Brazil while raw sugar prices rose, boosted partly by stronger energy markets.

COFFEE

September arabica coffee fell by 0.7 cents, or 0.45%, to $1.555 per lb at 1119 GMT.

Dealers said the market was weighed down partly by an improving outlook for next year's harvest in Brazil with some rain falling during the last few days and more forecast, bringing some relief after a period of extreme dry weather.

Weather service Maxar said its 6-10 day forecast for Brazil projected above normal precipitation from Sao Paulo to southern Minas Gerais and Espirito Santo, with the wettest conditions favouring the southern portion of the coffee belt.

Dealers were also keeping a close watch on the situation in Colombia after recent anti-government protests disrupted coffee exports.

September robusta coffee rose by $3, or 0.2%, to $1,599 a tonne.

SUGAR

July raw sugar rose by 0.12 cent, or 0.7%, to 17.41 cents per lb, extending the market's rebound from a more than two-week low of 16.93 cents set on Monday.

Dealers said stronger energy markets had provided some support, raising the possibility of a shift to using more cane to make biofuel ethanol rather than sugar.

"Fundamentals-driven players are likely to be happy to accumulate on price dips while the perceived need to keep sugar prices around about ethanol parity continues," Commonwealth Bank of Australia analyst Tobin Gorey said in a note.

August white sugar rose by $0.90, or 0.2%, to $449.40 a tonne.

COCOA

September London cocoa fell by 7 pounds, or 0.4%, to 1,629 pounds a tonne.

Above-average rainfall was recorded in Ivory Coast's cocoa regions last week, raising expectations for a strong finish to the April-to-September mid-crop cocoa harvest, farmers said on Monday.

September New York cocoa fell by $19, or 0.8%, to $2,428 a tonne.

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