[ad_1]
Adds comments, closing prices
NEW YORK/LONDON, March 8 (Reuters) – Arabica coffee futures on Intercontinental Exchange (ICE) fell to a three-week low on Wednesday, weighed partly by improved near-term supplies in the physical market, while sugar prices also fell.
COFFEE
* May arabica coffee KCc2 settled 5.2 cents, or 2.8%, lower at $1.7735 per lb, after hitting a three-week low of $1.7575.
* Dealers said improved near-term supplies in Brazil, Colombia, and Honduras had dragged prices.
* They also noted more favourable weather had boosted the outlook for Colombia’s 2023/24 crop.
* ICE-certified stocks rose after several sessions of declines, although by only around 4,000 bags. But there was a fresh amount of around 38,000 bags at the exchange for grading.
* May robusta coffee LRCc2 rose $7, or 0.3%, at $2,159 a tonne.
SUGAR
* May raw sugar SBK3 fell 0.14 cent, or 0.7%, at 20.88 cents per lb, slipping back from Tuesday’s contract high of 21.25 cents.
* Dealers said the market still remained underpinned by a diminishing outlook for production in India, which could limit further exports this season, but they noted improved outlook for the new Brazilian crop.
* Consultancy Datagro on Wednesday raised its estimate for Brazil’s centre-south sugar production to 38.3 million tonnes.
* France’s largest sugar and ethanol group Tereos said it plans to close its sugar activities in its factory in Escaudoeuvres, northern France.
* May white sugar LSUc1 fell $2.20, or 0.4%, at $586.00 a tonne.
COCOA
* May New York cocoa CCc2 settled $27, or 1.0%, lower at $2,729 a tonne.
* Dealers said the market was undergoing a modest pullback after rising last week to a three-year high of $2,856 but fundamentals remained supportive with a second successive global deficit seen this season.
* May London cocoa LCCc2 fell 7 pounds, or 0.3%, to 2,126 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Uttaresh Venkateshwaran 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
