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LONDON: Arabica coffee futures rose on Friday as the market extended its rebound from last week’s 16-month low, while raw sugar and cocoa prices also climbed.

Arabica coffee prices slide, sugar and cocoa down

Coffee

  • March arabica coffee rose 1.1% to $1.6450 per lb by 1325 GMT as the market pulled further away from last weeks’ 16-month low of $1.5405.

  • Fitch Solutions said in a note that despite the rebound, “prices remain capped by a weak global outlook and expectations of a move to a production surplus, led by an improved production outlook in Brazil following recent rainfall.”

  • January robusta coffee rose 1.4% to $1,868 a tonne.

  • The robusta market has been supported by rains in Vietnam that have disrupted the harvest.

Sugar

  • March raw sugar rose 0.3% to 19.60 cents per lb, boosted partly by higher energy prices.

  • Czarnikow on Thursday cut its forecast for global sugar surplus for the current 2022/23 season to 2 million tonnes from 3.6 million previously.

  • March white sugar fell 1% to $533.60 a tonne.

Cocoa

  • March London cocoa rose 0.2% to 1,963 pounds a tonne.

  • March New York cocoa rose 0.6% to $2,459 a tonne.

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