Arabica coffee prices slip, sugar, cocoa also weaken
- March New York cocoa was down 2% at $2,421 a tonne
- March raw sugar fell 0.7% to 19.68 cents per lb
- March arabica coffee fell 1.1% to $2.4150 per lb
LONDON: Coffee, sugar and cocoa futures on ICE were lower on Thursday, weighed by broad-based weakness in crude oil and many other commodity markets linked to increased restrictions in some parts of the world to slow the spread of COVID-19.
Coffee
March arabica coffee fell 1.1% to $2.4150 per lb by 1244 GMT, extending the market's pullback from a 10-year high of $2.5235 set on Tuesday.
Dealers said, however, the overall uptrend remained intact with the market supported by a drop in exports from Colombia and concerns that adverse weather earlier this year could dent production in Brazil next year.
March robusta coffee fell 0.1% to $2,293 a tonne, hovering just below a 10-year high of $2,334 set on Tuesday.
Light rain in Vietnam's Central Highlands, the world's top robusta bean producer, continued to disrupt coffee picking and drying process while few farmers started to offer new beans from 2021/22 crop season, traders said on Thursday.
Arabica, robusta coffee hold near 10-year peaks
Sugar
March raw sugar fell 0.7% to 19.68 cents per lb.
Dealers said broader macro-influences continued to play a major role in sugar market trends with recent concerns about the new COVID-19 variant prompting funds to scale-back long positions in the sweetener.
March white sugar fell 1.1% to $508.00 a tonne.
Cocoa
March New York cocoa was down 2% at $2,421 a tonne.
March London cocoa fell 1.2% to 1,662 pounds a tonne.
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