LONDON: Robusta coffee futures on ICE rose to a three-week high on Wednesday as forecasts for largely dry weather in Vietnam renewed crop concerns, while arabica prices also advanced.
Arabica coffee prices climb while raw sugar loses ground
Coffee
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July robusta coffee rose 2.3% to $3,820 a ton by 1023 GMT after setting a three-week high of $3,881.
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Dealers said forecasts indicated there would be little rain in top robusta producer Vietnam during the next week, triggering renewed concerns about dry conditions.
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Farmers in Vietnam also appear reluctant to sell, ensuring supplies remain tight.
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July arabica coffee rose 1.15% to $2.1970 per lb. * Dealers said there were some quality concerns in Brazil, where the harvest is in its early stages.
Sugar
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July raw sugar fell 0.1% to 18.54 cents per lb.
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Dealers said the market was consolidating just above last week’s 18-month low of 17.95 cents, with prices holding in a fairly narrow range during the last couple of sessions.
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The strong pace of cane crushing in Centre-South Brazil has helped to put the market on the defensive while data is likely to be issued next week by industry group Unica covering the first half of May.
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August white sugar fell 0.05% to $544.20 a ton.
Cocoa
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July London cocoa rose 0.8% to 6,160 pounds a metric ton.
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July New York cocoa rose 0.2% to $7,407 a ton.
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