AGL 23.20 Increased By ▲ 1.17 (5.31%)
AIRLINK 108.82 Increased By ▲ 4.02 (3.84%)
BOP 5.25 Increased By ▲ 0.03 (0.57%)
CNERGY 3.76 Increased By ▲ 0.03 (0.8%)
DCL 7.85 Increased By ▲ 0.15 (1.95%)
DFML 38.45 Increased By ▲ 2.05 (5.63%)
DGKC 88.10 Increased By ▲ 1.05 (1.21%)
FCCL 22.40 Increased By ▲ 0.42 (1.91%)
FFBL 42.01 Increased By ▲ 1.05 (2.56%)
FFL 8.67 Increased By ▲ 0.02 (0.23%)
HUBC 153.49 Increased By ▲ 3.24 (2.16%)
HUMNL 10.60 Increased By ▲ 0.29 (2.81%)
KEL 4.56 Increased By ▲ 0.11 (2.47%)
KOSM 3.88 Increased By ▲ 0.09 (2.37%)
MLCF 37.26 Increased By ▲ 0.36 (0.98%)
NBP 48.80 Increased By ▲ 0.87 (1.82%)
OGDC 131.21 Increased By ▲ 1.51 (1.16%)
PAEL 26.79 Increased By ▲ 0.30 (1.13%)
PIBTL 6.00 Increased By ▲ 0.02 (0.33%)
PPL 115.75 Increased By ▲ 1.41 (1.23%)
PRL 22.95 Increased By ▲ 0.35 (1.55%)
PTC 12.75 Increased By ▲ 0.23 (1.84%)
SEARL 55.55 Increased By ▲ 1.35 (2.49%)
TELE 7.25 Increased By ▲ 0.15 (2.11%)
TOMCL 36.78 Increased By ▲ 0.88 (2.45%)
TPLP 8.30 Increased By ▲ 0.15 (1.84%)
TREET 15.57 Increased By ▲ 0.07 (0.45%)
TRG 55.19 Increased By ▲ 1.18 (2.18%)
UNITY 32.75 Increased By ▲ 0.75 (2.34%)
WTL 1.20 Increased By ▲ 0.01 (0.84%)
BR100 8,416 Increased By 125.4 (1.51%)
BR30 26,430 Increased By 418.3 (1.61%)
KSE100 79,519 Increased By 980.1 (1.25%)
KSE30 25,507 Increased By 298.9 (1.19%)

LONDON: Arabica coffee futures on ICE hit 1-1/2 month peaks on Wednesday on signs of tightening supplies and as the Brazilian real remained firm versus the dollar.

A strong real dents exporter selling in top producer Brazil by lowering returns in local currency terms.

Coffee

July arabica coffee rose 1% to $2.3380 per lb at 1153 GMT, having hit a peak of $2.3540.

ICE arabica stocks continued their descent, falling to 1.06 million bags, their lowest since mid-March.

“Our expectation is for inventories to go down for the remainder of the year and possibly most of next year,” said Rabobank in a note.

The bank added, however: “Will this continue to have an exacerbated price impact. We tend to think it is already priced in.”

July robusta coffee rose 0.8% to $2,126 a tonne, having hit its highest since early May at $2,128.

Raw sugar prices rise boosted by crude oil gains

Cocoa

July New York cocoa rose 0.7% to $2,514 a tonne.

Dealers said the market faces inertia ahead of a long weekend in Britain and Europe. They added there is a near term upside bias given speculators might look to cover their extensive short position.

The International Cocoa Organization (ICCO) on Wednesday forecast a 174,000 tonne global cocoa deficit in the current 2021/22 season (October-September), down slightly from a previous projection of 181,000 tonnes.

September London cocoa rose 0.6% to 1,776 pounds per tonne.

Sugar

July raw sugar fell 0.4% to 19.34 cents per lb.

Analysts are increasingly pricing in a surplus this season, and a larger one next.

“We expect sugar prices to come under pressure over the coming months as global production increases and lower oil prices are likely to make it less attractive to produce ethanol,” said Wisdom Tree in a note.

August white sugar fell 0.2% to $571 a tonne.

Comments

Comments are closed.