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By Maytaal Angel
LONDON, Oct 21 (Reuters) – Arabica coffee prices on ICE hit a fresh 13-month low on Friday, heading for a second straight weekly loss amid an upbeat supply outlook and ongoing concerns about surging inflation and a weakening global economy.
COFFEE
* December arabica coffee KCc1 rose 0.1% to $1.9120 per lb at 1531 GMT, having touched its lowest since September 2021 at $1.8620.
* “Coffee futures have shaken off concerns as to tight global inventories and instead seen prices fall on an improving
weather outlook in Brazil and a deteriorating consumption environment,” said Fitch Solutions in a note.
* Brazil’s 2022/23 coffee crop was projected at 57.3 million 60-kg bags compared to a September estimate of 58.2 million bags, consultancy Safras & Mercado said.
* Dealers noted sales in top producer Brazil have almost completely stalled, with farmers reluctant to clinch deals at low prices.
* January robusta coffee LRCc2 fell 2.2% to $1,996 a tonne.
SUGAR
* March raw sugar SBc1 rose 0.3% to 18.44 cents per lb, having hit its lowest in two weeks at 18.26 cents.
* Dealers said the market has a bearish taint amid a growing view that a decent-sized production surplus will be seen this season, especially if demand starts to fall away as economic growth stalls.
* December white sugar LSUc1 rose 1.1% to $533.90 a tonne.
COCOA
* December New York cocoa CCc1 fell 0.7% to $2,312 a tonne.
* North America’s cocoa grindings, a measure of demand, fell 3.37% in the third quarter from a year earlier to 119,244 tonnes, in line with market expectations, data showed.
* Asia’s third-quarter cocoa grind rose 9.5% year-on-year to 231,080 tonnes, data showed.
* March London cocoa LCCc2 rose 0.5% to 1,910 pounds per tonne, helped by continued weakness in sterling GBP=.
(Reporting by Maytaal Angel; Editing by Devika Syamnath and Shailesh Kuber)
((maytaal.angel@thomsonreuters.com(00442075429105)(Reuters Messaging: maytaal.angel.thomsonreuters.com@reuters.net) ))
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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