LONDON: Robusta coffee futures turned lower on Thursday after hitting a three-month peak, though prices remained underpinned by a further decline in exchange stocks.
Coffee
Robusta coffee futures lost 1.6% to $4,798 a metric ton by 1111 GMT after setting a three-month high of $4,986.
Dealers said the market had derived support from a slow but steady decline in exchange stocks as U.S. roasters scramble to secure supplies after the U.S. government imposed a 50% tariff on imports from Brazil.
Robusta stocks stood at 65,520 tons as of August 27, down from 70,120 tons at the end of July.
Traders and farmers in top robusta producer Vietnam said on Thursday that coffee trees were unharmed from Typhoon Kajiki, which swept through the country’s central area and killed seven people.
Arabica coffee futures lost 1.35% to $3.8010 per lb, slipping back after setting a 3-1/2 month high of $3.9130.
Robusta coffee hits three-month high, cocoa edges higher
Cocoa
New York cocoa was down 0.6% at $7,800 a ton.
Dealers said the market remained pressured by concern over weakening demand after increases in retail prices for chocolate and other cocoa products.
London cocoa fell 0.6% to 5,370 pounds a ton.
Sugar
Raw sugar firmed by 0.1% to 16.49 cents per lb.
The Trading Corporation of Pakistan (TCP) has issued an international tender to purchase 100,000 metric tons of white refined sugar, European traders said on Thursday.
White sugar lost 0.1% to $488.10 a ton.