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Markets

Coffee prices plunge as traders focus on Brazil frosts

  • September arabica coffee fell by 16.1 cents, or 8.2%, to $1.8040 per lb
  • October raw sugar fell by 0.14 cent, or 0.8%, to 18.16 cents per lb
  • December New York cocoa fell by $23, or 0.9%, to $2,462 a tonne
Published July 30, 2021

LONDON: Arabica coffee futures on ICE fell sharply on Friday as overnight frosts in top producer Brazil appeared to be less intense and widespread than some had expected and sugar prices also weakened.

COFFEE

September arabica coffee fell by 16.1 cents, or 8.2%, to $1.8040 per lb by 1444 GMT.

Dealers said any overnight damage to trees was unlikely to be as significant as that inflicted by last week's frosts although the health of crops was being assessed.

Arabica coffee prices weaken; raw sugar and cocoa rise

"The uncertainty over the extent of damage has kept coffee and sugar prices volatile," ING said in a note.

Temperatures dropped across Brazil on Thursday - with rare snowfall overnight in some places - as a polar air mass advanced toward the center-south of the country, threatening coffee and sugarcane crops with frost.

The front month had risen to a peak of $2.1520 on Monday, the highest level in nearly seven years, as last week's strong frosts in Brazil dented the outlook for next year's crop in the world's top producer.

September robusta coffee fell by $94, or 5%, to $1,791 a tonne.

SUGAR

October raw sugar fell by 0.14 cent, or 0.8%, to 18.16 cents per lb.

Dealers were also waiting to see whether overnight temperatures in Brazil were cold enough to cause significant damage to sugarcane crops.

Sugar gains as frost damage assessments loom

October white sugar fell by $1.90, or 0.4%, to $449.50 a tonne.

COCOA

December New York cocoa fell by $23, or 0.9%, to $2,462 a tonne.

Historic flood engulfs renowned Belgian chocolate factory

December London cocoa fell by 2 pounds, or 0.1%, to 1,696 pounds per tonne.

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