LONDON: Coffee futures on ICE rose on Tuesday as tensions between the United States and Brazil escalated, making it increasingly unlikely the US will exclude coffee from its 50% tariffs on goods from Brazil, which take effect on Wednesday.
COFFEE
Arabica coffee futures rose 2.4% to $2.8845 per lb at 1408 GMT, having gained 1.5% on Monday. Brazil said it will have no difficulty redirecting beef and coffee exports in the wake of US tariffs, while China has approved 183 new Brazilian coffee exporting companies.
COCOA
London cocoa futures rose 2.4% to 5,393 pounds a metric ton, having hit a one-week low on Monday. * Cocoa arrivals at ports in top producer Ivory Coast were down 2% between October 1 and August 3 versus the same period last season, exporters estimated.
New York cocoa futures rose 2.1% to $7,628 a ton, having hit a two-week low on Monday.
SUGAR
Raw sugar fell 0.9% to 16.11 cents per lb, having hit a one-month low of 15.92 cents. White sugar fell 1.1% to $463.70 a ton, having hit a one-month low of $460.60.