LONDON: Arabica coffee futures on ICE fell to a 13-month low on Tuesday, weakened by an improving outlook for next year’s crop in top producer Brazil, while raw sugar edged higher.
COFFEE: December arabica coffee fell 3.2% to $1.8425 per lb by 1443 GMT after slumping to a 13-month low of $1.84.
Dealers said funds were scaling back long positions with recent rains in Brazil aiding flowering, while there remained concerns a global economic downturn could curb demand.
January robusta coffee rose 0.3% to $1,9592 a tonne.
SUGAR: March raw sugar rose 0.2% to 18.17 cents per lb, edging away from a more than two-week low of 18.06 cents set earlier in the session.
Dealers noted sugar production in Brazil’s Centre-South region in the first half of October totalled 1.83 million tonnes, up 59% from the same period a year earlier.
The rise was slightly lower than expected with a survey issued by S&P Global Commodity Insights estimating that sugar production had risen to 1.95 million.
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