[ad_1]
Updates with market activity, adds comments and closing prices
NEW YORK/PARIS, Dec 2 (Reuters) – Arabica coffee futures on ICE fell on Friday to move further back from a four-week peak, while raw sugar inched down as the markets assessed mixed crop prospects in Brazil and amid a mostly negative macroeconomic outlook.
COFFEE
* March arabica coffee KCc2 fell 2% to $1.6260 per lb. The contract ended down 2.4% on Thursday in a pullback from a four-week high earlier in the session.
* A rebound in the dollar, as U.S. employment data raised doubts over a possible slowing in interest rate hikes, put some pressure on prices.
* Dealers said the market lacked clear direction in light volumes, with participants waiting for a clearer picture on Brazil’s next crop.
* A production in the range between 50-56 million bagswas seen by independent analyst SpillingTheBeans, while others expect a much higher volume.
* January robusta coffee LRCc1fell 0.1% at $1,888 a tonne.
* Coffee prices in Vietnam remained flat from a week ago.
SUGAR
* March raw sugar SBc1fell 0.6% to 19.48 cents per lb, but continued to hold above a 2-1/2 week low struck at the start of the week.
* Sugar prices have been capped by expectations of a shift to a market surplus amid favourable production prospects in Brazil.
* Brazil exported 4.07 million tonnes of sugar in November, 53% more than a year ago and the highest monthly volume of the year.
* However, prices remained underpinned by a prolonged period of rain in Brazil’s south and southeastern regions that is expected to hurt cane harvest progress.
* March white sugar LSUc1 fell 0.9% to $532.90 a tonne.
COCOA
* March New York cocoa CCc2 rose 0.7% to $2,536 a tonne.
* March London cocoa LCCc2 fell 0.4% to 1,971 pounds per tonne, partly owing to strength in sterling GBP= against the dollar.
(Reporting by Marcelo Teixeira and Gus Trompiz; Editing by Jan Harvey, Louise Heavens and Krishna Chandra Eluri)
((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.
[ad_2]
Source link
