Arabica coffee prices fall; raw sugar hits one-week high
- May New York cocoa rose 0.2% to $2,661 a tonne
- March raw sugar rose 0.8% to 18.43 cents a lb
- May arabica coffee was down 1.8% at $2.4615 per lb
LONDON: Arabica coffee futures on ICE were lower on Friday as the market extended its retreat from last week's 10-year high while sugar and cocoa prices rose.
Coffee
May arabica coffee was down 1.8% at $2.4615 per lb by 1157 GMT. The market rose last week to a 10-year high of $2.6045 but has lost ground during the past few days.
Dealers said price charts were looking more bearish after recent weak performance while the recent sharp decline in exchange-certified stocks appears to be slowing.
Broker Sucden Financial expects prices "to remain on the back foot in the near term", it said in a note on technical analysis and price charts.
May robusta coffee fell 1% to $2,251 a tonne.
Arabica coffee prices ease, focus on exchange stocks
Sugar
March raw sugar rose 0.8% to 18.43 cents a lb for its highest level in more than a week.
Dealers said the market was underpinned by short-term supply tightness, with March's premium to May widening to about 0.56 cents on Friday, signalling there could be appetite to take delivery when the front month expires at the end of this month.
May white sugar was up 0.7% at $490.20 a tonne.
Cocoa
May New York cocoa rose 0.2% to $2,661 a tonne.
Dealers said the market continued to derive support from concerns about dry weather in West Africa, which could reduce the size of the mid-crop.
May London cocoa was up 0.2% at 1,744 pounds a tonne.
Comments
Comments are closed for this article.