Arabica coffee hits 3-1/2 week low, sugar also down

LONDON — Arabica coffee futures on ICE hit a 3-1/2 week low on Friday, weighed down by favorable crop weather in top producer Brazil, while sugar and cocoa prices also fell. COFFEE Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. By…
Arabica coffee hits 3-1/2 week low, sugar also down

LONDON — Arabica coffee futures on ICE hit a 3-1/2 week low on Friday, weighed down by favorable crop weather in top producer Brazil, while sugar and cocoa prices also fell.

COFFEE

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* March arabica coffee fell 0.4% to $1.60 per lb by 1443 GMT after dipping to a 3-1/2 week low of $1.5715.

* “An end to Brazil’s dry spell eased concerns over Brazil’s crops. Additionally, the latest ICE arabica coffee inventory data showed another increase in global inventories,” Fitch Solutions said in a note.

* ICE certified coffee stocks stood at a six-month high of 820,540 bags on Jan. 5. There were 218,645 bags pending grading.

* March robusta coffee fell 0.8% to $1,818 a tonne.

SUGAR

* March raw sugar fell 0.6% to 19.22 cents per lb after setting a one-month low of 19.11 cents.

* Dealers said some funds were liquidating long positions, with production in India and Thailand exceeding some forecasts, while changes to the Brazilian government’s fuel policy are set to encourage cane mills to favor sugar over ethanol.

* March white sugar was 0.37% down at $532.70 a tonne.

COCOA

* March London cocoa slipped by 0.6% to 2,057 pounds a tonne.

* March New York cocoa was 0.9% down at $2,593 a tonne.

* Top cocoa producer Ivory Coast exported 99,950 tonnes of raw cocoa beans in October and November 2022, down 47% from a year ago.

* Ivory Coast exported 95,376 tonnes of semi-finished cocoa products in October and November 2022, up nearly 16% from a year ago. (Reporting by Nigel Hunt and Maytaal Angel Editing by David Goodman and Barbara Lewis)

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