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Adds background, updates prices
LONDON, Nov 18 (Reuters) – Arabica coffee futures on ICE edged up on Friday, regaining some ground after slipping to a 15-month low in the previous session, while sugar prices rose sharply.
COFFEE
* March arabica coffee KCc2 was up 0.3% to $1.5675 per lb by 1503 GMT, edging away from the prior session’s low of $1.5405.
* Dealers noted the overall trend remained bearish with the market falling by more than 30% since late August, partly due to an improving outlook for Brazil’s 2023 harvest.
* January robusta coffee LRCc2fell 0.1% to $1,817 a tonne.
SUGAR
* March raw sugar SBc1 rose 2.4% to 20.20 cents per lb, climbing back up towards a seven-month peak of 20.48 cents set on Wednesday.
* Dealers said the market was supported partly by a recovery in Brazil’s real currency BRL= as the incoming government sought to assuage fears about fiscal spending.
* A stronger real discourages producer selling by lowering dollar-denominated prices in local currency terms.
* March white sugar LSUc1 rose 2.3% to $545.80 a tonne.
COCOA
* March New York cocoa CCc2fell 0.2% to $2,441 a tonne.
* Dealers said the market remained underpinned by concern about the potential disruption of the flow of beans from top growers Ivory Coast and Ghana with a Nov. 20 deadline for buyers to factor in a living income differential.
* “The cocoa price rally remains supported by various supply concerns, including uncertainty over Ivory Coast exports,” Fitch Solutions said in a note.
* March London cocoa LCCc2 fell 0.7% to 1,933 pounds a tonne, weakened by a strengthening pound.
(Reporting by Nigel Hunt; Editing by Shinjini Ganguli and Paul Simao)
((nigel.hunt@thomsonreuters.com; +44 (0) 7990 561421; Reuters Messaging: nigel.hunt.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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