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Updates with closing prices and comments
NEW YORK/LONDON, Sept 2 (Reuters) – Arabica coffee futures on ICE closed down on Friday, slipping further away from last week’s six-month peak while sugar and cocoa prices were higher.
COFFEE
* December arabica coffee KCc2 settled down 3.7 cents, or 1.6%, at $2.288 per lb, retreating further from last week’s six-month high of $2.4295.
* The prospect of rain in some parts of Brazil’s coffee areas during the next couple of weeks has contributed to the setback, but dealers said that concerns remain over whether there is sufficient moisture to sustain development of coffee buds and cherries after some early flowering.
* Dealers also said heavy rains could hurt the crop in the world’s second-largest arabica producer, Colombia.
* “Though the price of arabica coffee traded on the ICE has dropped back somewhat recently after having risen sharply since the middle of last month, it is likely to remain supported in view of the increasingly gloomy crop outlook,” Commerzbank said in a note.
* November robusta coffee LRCc2 fell $5, or 0.2%, to $2,223 a tonne.
SUGAR
* October raw sugar SBc1 settled up 0.16 cent, or 0.9%, at 18.15 cents per lb.
* Dealers said prices for raws had derived support from the strength of white sugar futures.
* October white sugar LSUV2, which expires on Sept. 15, rose $14.70, or 2.6%, to $573.80 a tonne after setting a contract high of $578.20 earlier in the session, the highest since mid-July.
* A prolonged drought in some parts of Europe has helped to drive up whites prices while dealers also noted short-covering on the October contract ahead of its looming expiry.
* A European broker said there is also a movement of re-stocking going on, helping to boost refined sugar prices.
COCOA
* December New York cocoa CCc2 settled up $48, or 2.0%, at $2,416 a tonne.
* Asia’s cocoa butter exports are likely to jump this year as higher grinding, lower freight rates and easing of supply chain restrictions boost sales.
* December London cocoa LCCc2 rose 18 pounds, or 1.0%, to 1,882 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt Editing by David Goodman, Maju Samuel and Jonathan Oatis)
((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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