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Markets

Robusta coffee climbs to four-year high, sugar slips

  • December New York cocoa rose 0.04% to $2,658 a tonne
  • October raw sugar was down 1.9% at 19.12 cents per lb
  • November robusta coffee rose 0.2% to $2,111 a tonne
Published September 17, 2021

LONDON: Robusta coffee futures on ICE rose to a four-year high on Friday as a pick-up in demand and disruptions to exports from Vietnam helped to tighten supplies, while sugar prices eased.

Coffee

November robusta coffee rose 0.2% to $2,111 a tonne by 1356 GMT after setting a four-year high of $2,136.

Dealers said there had been a pick-up in demand for robusta beans in recent weeks, driven partly by the high cost of arabica coffee, while there were ongoing disruptions to the flow of supplies from top robusta producer Vietnam related to the COVID-19 pandemic and a shortage of container freight capacity.

"Coffee prices have ticked up in recent weeks as the near-term supply outlook has been depressed by hot and dry weather in Brazil and Colombia, coupled with pandemic-related export disruption in Vietnam," Fitch Solutions said in a note.

Disruptions to the flow of coffee from south-east Asia and the high cost of transporting the beans have boosted demand for exchange robusta stocks which stood at 131,270 tonnes, as of Thursday, down from 141,330 tonnes a month ago.

December arabica coffee fell 1.1% to $1.8610 per lb.

White sugar hits 4-1/2 year high, raw sugar also gains

Sugar

October raw sugar was down 1.9% at 19.12 cents per lb.

Dealers said a stronger dollar and weaker energy prices had contributed to the setback in prices, though the market remained on track for a weekly gain of 1.8%.

December white sugar fell 1.8% to $503.70 a tonne.

Cocoa

December New York cocoa rose 0.04% to $2,658 a tonne.

Dealers said the market was underpinned by concerns that production may fall in Ghana during the upcoming 2021/22 season, which starts next month, helping to tighten global supplies.

December London cocoa rose 0.3% to 1,822 pounds a tonne.

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