LONDON: Arabica coffee futures on ICE rose sharply on Tuesday, boosted partly by a decline in ICE certified stocks to the lowest level in nearly 2-1/2 years, while cocoa prices were also higher. COFFEE ICE arabica coffee surged 6.1percent to USD3.4435 per lb by 1056 GMT.
Certified exchange stocks were at their lowest level since February 8, 2024. ICE certified stocks stood at 292,810 bags, as of July 27, down from 329,870 bags a week ago and sharply below the 800,326 bags at the same stage last year.
Dealers also noted rains had slowed the harvest over the weekend in top grower Brazil, although conditions will generally be drier during the next 10 days. “There will not be many delays in harvesting (during the next few days),” weather service Vaisala said in a note. Robusta coffee rose 2.6percent to USD3,878 a ton.
Cocoa
ICE London cocoa gained 1.4percent to £3,886 a ton, regaining some ground after setting a three-week low of £3,821 earlier in the session. Dealers said there had been a slight improvement in the outlook for main crops in West Africa, although production in the upcoming 2026/27 season was still expected to decline.
Dry spells and sunshine boosted prospects for the September-to-February main crop in Ivory Coast’s cocoa-growing regions, farmers said on Monday.
New York cocoa rose 1.35percent to USD5,169 a ton.
Sugar
Raw sugar lost 0.2percent to 14.55 cents per lb. India has directed that no sugar dealer shall hold any stock for a period exceeding thirty days, a government notification showed on Tuesday. White sugar fell 0.7percent to USD455.30 a ton.
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