LONDON: Arabica coffee futures on ICE slipped on Wednesday as the Brazilian real weakened and the market consolidated after last week’s one-year high. London cocoa, meanwhile, hit a three-month peak.

May arabica coffee slipped 0.1% to $1.3370 per lb at 1426 GMT, having fallen for the previous three sessions.

Arabica hit a one-year high last week, underpinned by the prospect of a smaller crop in top producer Brazil this year.

Coffee exports fell by 3.4% year on year in January, the International Coffee Organisation (ICO) said.

May robusta coffee rose 0.3% to $1,454 a tonne.

May London cocoa rose 0.6% to 1,812 pounds a tonne after touching a three-month high.

May New York cocoa slipped 0.1% to $2,643 a tonne. May raw sugar fell 1.5% to 16.18 cents per lb. May white sugar fell 1.2% to $460.40 a tonne.

Cocoa has underperformed other commodities this year because of surplus market supplies, though it has staged a small recovery in recent weeks on hopes demand will recover as countries gain some control over the COVID-19 pandemic.—Reuters