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LONDON, Oct 14 (Reuters) – Arabica coffee futures on ICE dipped to a three-month low on Friday as the prospects for next year’s crop in Brazil improved following favourable weather.
COFFEE
* December arabica coffee KCc1 fell 0.2% to $2.0185 per lb by 1126 GMT after touching at three-month low of $2.0035.
* The contract is on track for a weekly loss of 7.5%.
* Fitch Solutions said in a note that the decline in prices this week was driven by “a strong dollar and an improving crop outlook (in Brazil), following the forecast of rain in Minas Gerais, which will provide much-need moisture.”
* Dealers noted ICE certified stocks were continuing to decline, but said that semi-washed coffee in Brazil was now almost cheap enough to be shipped to exchange warehouses.
* ICE-certified arabica stocks stood at 408,419 bags on Oct. 13 – the lowest in 23 years.
* January robusta coffee LRCc2 fell 0.1% to $2,094 a tonne.
SUGAR
* March raw sugar SBc1 was up 0.2% at 18.84 cents per lb.
* Dealers said rains in Brazil had slowed this year’s harvest and was threatening to curtail production.
* Czarnikow on Friday downgraded its forecast for sugar output in top producer Brazil this year by 700,000 tonnes, citing an increased risk that not all sugarcane will be crushed due to adverse weather conditions.
* December white sugar LSUc1 was up 0.5% at $559.90 a tonne.
* March London cocoa LCCc2 was up 0.5% at 1,925 pounds a tonne, having touched a more than two-year peak of 1,954 pounds on Monday.
* Dealers said the market was underpinned partly by a slow start to the main crop in top grower Ivory Coast.
* December New York cocoa CCc1 rose 0.6% to $2,399 a tonne.
(Reporting by Nigel Hunt; Editing by Shailesh Kuber)
(( 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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