LONDON: Arabica coffee futures on ICE turned lower on Monday in a modest setback after their recent strong advance to a two-month peak, while cocoa prices were higher.
Coffee
Arabica coffee futures were down 0.8% at $3.3880 per lb by 1115 GMT.
Prices rose a two-month high of $3.4690 in early trade on follow-through buying after rising by nearly 5% on Friday.
Dealers said the recent run-up had been driven partly by a drop in certified exchange stocks to a one-year low as roasters look to secure alternative supplies following the imposition of a 50% tariff on U.S. imports of Brazilian coffee.
They noted, however, the latest data for August 15 showed a slight rise to 731,739 bags, an increase of 5,078 bags from a day earlier.
Speculators added to their net long position in Arabica coffee on ICE U.S. in the week to August 12, the Commodity Futures Trading Commission said on Friday.
Robusta coffee fell 1.35% to $4,012 a metric ton.
Arabica coffee hits 6-week high, buoyed by low stocks
Cocoa
New York cocoa rose 0.8% to $8,343 a ton.
Dealers said dry weather in West Africa had raised concerns about the outlook for the upcoming 2025/26 main crop.
London cocoa gained 0.5% to 5,578 pounds per ton.
Ivory Coast’s cocoa grind dropped 31.2% year-on-year in July to 39,301 metric tons, data from exporters’ association GEPEX showed on Monday, with grinders citing poor bean quality and low volumes of the mid-crop.
Sugar
Raw sugar fell 1.3% to 16.22 cents per lb.
China imported 740,000 tons of sugar in July, up 76.4% from the same month last year, according to data released by the General Administration of Customs on Friday.
White sugar fell 1.3% to $475.10 a ton.
Comments
Comments are closed for this article.