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CHICAGO/LONDON: March arabica coffee futures rose more than 3 pct on a firmer Brazilian currency on Thursday, while white sugar futures fell to their lowest in three months, pressured by persistent fund selling in thin trade.

COFFEE

* March arabica coffee settled up 2.65 cent, or 2.7 percent, at $1.0215 per lb, earlier rising 3.9 percent to $1.0325, lifted by the stronger Brazilian real.

* A firmer Brazilian currency discourages producer selling in the top grower by reducing local-currency returns on dollar-traded commodities such as coffee.

* Drier weather in Brazil also supported prices, a US trader said.

* "Light showers will favor the southwest at the beginning of the period, but the majority of the time frame will be dry," weather service Radiant Solutions said in a note.

* Technical buying also boosted prices, said Jack Scoville, vice president of Price Futures Group.

* March robusta coffee settled up $26, or 1.7 percent, at $1,556 per tonne, earlier hitting $1,558, near a one-month high.

SUGAR

* March white sugar settled down $4.6, or 1.40 percent, at $324.20 per tonne after touching its weakest since early October at $323.60.  * March raw sugar settled down 0.24 cent, or 2 percent, at 11.69 cents per lb at a three-month low.

* "The main sellers seem to have been funds and speculators, which is hardly surprising given the current macro environment," said Nick Penney, senior trader at Sucden Financial.

* The market continued to follow declining energy prices, which diminish the competitiveness of ethanol in top-grower Brazil, bolstering concerns that mills could switch more production from the biofuel back to sugar.

* Markets also focused on ample global sugar stocks, with  India poised to export a sizeable chunk of its surplus production to the world market in coming months.

* However, "It's beginning to run into some buying interest," said one European dealer. "So I think we'll see the (decline) slow down."

COCOA

* March London cocoa settled down 3 pounds, or 0.2 percent, at 1,760 pounds per tonne, just below this week's 5-1/2-month peak of 1,769 pounds. Earlier in the session, the contract hit 1,773 pounds, its highest since July.

* March New York cocoa settled up $6, or 0.3 percent, at $2,400 per tonne.

* Hot and dry weather in top-grower Ivory Coast has supported prices, said Scoville. "If the dry weather continues, we might have more to the upside."

* Radiant Solutions said "precipitation is expected to remain minimal" for the remainder of the week.

Copyright Reuters, 2019
 

 

 

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