SOFTS-Arabica coffee rises for 4th session; raw sugar rally continues

  • Reuters
  • Commodities News
SOFTS-Arabica coffee rises for 4th session; raw sugar rally continues

(Updates with closing prices, comments)

NEW YORK/LONDON, Oct 9 (Reuters) - Arabica coffee futures rose for the fourth consecutive session on Friday, continuing to recover from a two-month low last week as dry and hot weather in Brazil provides support.

Raw sugar futures rose for the ninth session on Friday, closing near a seven-month top on improved outlook for the 2020-21 season.

SUGAR

* March raw sugar SBc1 ​​settled up 0.06 cent, or 0.4%, at 14.23 cents per lb, just shy of a more than seven-month intraday top of 14.24 cents touched on Thursday.

* Lower sugar production in Thailand, Russia and the European Union, coupled with an expected demand recovery, will result in a deficit of 2.2 million tonnes of sugar in the 2020-21 season, broker and analyst StoneX said. Dry weather in top exporter Brazil is also supporting prices. Industry group Unica reported on Friday signs of falling yields for cane. Sugar group Tereos said on Friday it was recommending its French farmer members plant the same area of sugar beet in 2021 as this year. The USDA increased projections for sugar consumption in the U.S. December white sugar LSUc1 ​​settled down $0.90, or 0.2%, at $384.90 a tonne.

COFFEE

* December arabica coffee KCc1 settled up 1.3 cents, or 1.2%, at $1.1155 per lb​​, continuing to recover after a two-month low set last week.

* Arabica is gaining support from worries over dry weather in Brazil.

* Showers are forecast over the next few days but it remains to be seen weather they will be sufficient to replenish soil moisture levels.

* Funds reduced their long position in coffee in the week to Oct. 6. November robusta coffee LRCc1 settled up $9, or 0.7%, at $1,260 a tonne.

COCOA

* December London cocoa LCCc1 ​​settled down 23 pounds, or 1.3%, to 1,689 pounds per tonne, having touched the lowest level since Aug. 27 during the session​.

* December New York cocoa CCc1 ​​settled down $41, or 1.7%, to $2,432 a tonne.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles