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
-
July robusta coffee rose 2.3% to $3,820 a ton by 1023 GMT after setting a three-week high of $3,881.
-
Dealers said forecasts indicated there would be little rain in top robusta producer Vietnam during the next week, triggering renewed concerns about dry conditions.
-
Farmers in Vietnam also appear reluctant to sell, ensuring supplies remain tight.
-
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
-
July raw sugar fell 0.1% to 18.54 cents per lb.
-
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.
-
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.
-
August white sugar fell 0.05% to $544.20 a ton.
Cocoa
-
July London cocoa rose 0.8% to 6,160 pounds a metric ton.
-
July New York cocoa rose 0.2% to $7,407 a ton.
Comments
Comments are closed for this article.