Arabica coffee gains as traders eye Brazil output prospects
LONDON — ICE arabica coffee futures rose on Tuesday, with traders still concerned about prospects for next years crop in top producer Brazil, while raw sugar fell.
* March arabica coffee rose 2.8% to $1.6740 per lb at 1252 GMT.
* The contract rose 6.4% last week, regaining most of the ground lost in the previous week’s 7.7% decline.
* Although ICE arabica stocks continue to climb
* Brazilian farmers and agronomists have downgraded their views for next year’s crop after a disappointing post-flowering period.
* ICE arabica coffee speculators increased their net short position by 1,076 contracts to 24,453 in the week to Nov. 22, data showed.
* January robusta coffee was flat at $1,826 a tonne.
* Coffee exports from Vietnam in the first 11 months of this year are estimated to have increased 10.2% from the same period last year to 25.6 million 60kg bags, data showed.
* March raw sugar fell 1.2% to 19.15 cents per lb, having hit a 2-1/2 week low on Monday.
* ICE sugar speculators raised their net long position by 34,846 contracts to 121,503 in the week to Nov. 22, data showed.
* Dealers said that with funds now holding a large long position they are unlikely to try push prices much higher.
* March white sugar fell 0.8% to $524.50 a tonne.
* March New York cocoa rose 0.3% to $2,492 a tonne.
* ICE New York cocoa speculators increased their net short position by 8,451 contracts to 9,045 in the week to Nov. 22, data showed.
* Soil moisture compensated for dry sunny weather in most of Ivory Coast’s cocoa-growing regions last week, boosting the October-to-March main crop, farmers said on Monday.
* March London cocoa rose 0.3% to 1,998 pounds a tonne. (Reporting by Maytaal Angel Editing by David Goodman )
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