LONDON: Arabica coffee futures on ICE rose on Monday, reversing most of Friday’s losses, but remained far from the 10-year peak set last week.
March arabica coffee rose 1.8% to $2.3660 per lb by 1531 GMT. It hit a 10-year high of $2.5235 last Tuesday.
Stocks of arabica in ICE exchange warehouses, previously a significant source of concern for the market, have stopped their relentless decline for now.
ICE arabica coffee speculators cut their net long position by 911 contracts to 46,661 in the week to Dec. 7, data showed.
Makers of Irish whiskey, Belgian chocolate and European coffee brands are scrambling to comply with new Chinese food and beverage regulations, with many fearful their goods will be unable to enter the giant market as a Jan. 1 deadline looms.
March robusta coffee fell 0.4% to $2,284 a tonne after also setting a 10-year high of $2,334 last Tuesday.
March raw sugar fell 0.4% to 19.65 cents per lb.
ICE sugar speculators cut their net long position by 13,169 contracts to 97,930 in the week to Dec. 7.
Dealers said sugar is beholden to sentiment in the wider financial markets and will continue to consolidate near term. They added, however, that a move above 20 cents is more likely than a break below 19.50, given forecasts for tighter supplies.
March white sugar fell 0.3% to $510 a tonne.
March New York cocoa rose 2.4% to $2,525 a tonne.
March London cocoa rose 2.2% to 1,707 pounds a tonne.
Cocoa arrivals at ports in top grower Ivory Coast since the start of the season on Oct. 1 had reached 824,000 tonnes by Dec. 12, exporters estimated, down 10.4% from the same period last season.
World No.2 producer Ghana’s cocoa arrivals since the start of the season on Oct. 1 reached 132,000 tonnes by Nov. 25, down 54.5% from the same period the previous season, official figures showed.
ICE cocoa speculators trimmed their net short position by 368 contracts to 27,180 in the week to Dec. 7.