Arabica coffee falls to 14-month low, sugar also down
LONDON — Arabica coffee futures on ICE fell to a 14-month low on Friday, pressured by an improving outlook for next year’s crop in Brazil and concern that a global economic downturn could curb demand.
* December arabica coffee fell 0.95% to $1.7720 per lb at 0942 GMT after touching a 14-month low of $1.7705.
* “Besides the current concerns about global demand … it has recently come under pressure from the supply side: the favorable weather in Brazil of late has noticeably improved the outlook for the upcoming crop season,” Commerzbank said.
* The bank added in a note that a weaker Brazilian real had also increased the incentive to export more coffee.
* January robusta coffee fell a marginal 0.1% to $1,876 a tonne, hovering just above a 14-month low of $1,872 set on Wednesday.
* Indonesia exported 53,269 tonnes of Sumatran robusta coffee in September, data from a local trade office showed, more than double shipments in the same month a year earlier.
* March raw sugar fell 0.3% to 17.66 cents per lb after dipping to a three-week low of 17.65 cents.
* Dealers said the prospect of a global surplus in the current 2022/23 season continued to keep the market on the defensive, though short-term supplies remain tight.
* December white sugar fell 0.1% to $516.60 a tonne.
* December New York cocoa fell 0.1% to $2,312 a tonne.
* March London cocoa rose 0.05% to 1,870 pounds a tonne. (Reporting by Nigel Hunt Editing by David Goodman )
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