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Updates with market activity, adds comments and closing prices
NEW YORK/LONDON, Oct 27 (Reuters) – Arabica coffee futures on ICE hit a fresh 14-month low on Thursday on favourable weather conditions in Brazil and worries over global demand that are driving fund sales, while raw sugar hit its lowest in more than three weeks.
COFFEE
* December arabica coffee KCc1 settled down 0.9 cent, or 0.5%, at $1.7885 per lb, having hit a fresh 14-month low of $1.7810.
* It added, however, that it expects ICE certified stocks – currently at their lowest in 23 years – to fall even further in the coming weeks, and its price outlook for arabica is therefore neutral.
* ICE arabica stocks fell to 385,465 bags on Thursday, but the exchange said bags pending grading rose to 56,649 from 26,129 on Wednesday.
* January robusta coffee LRCc2 rose $3, or 0.2%, to $1,878 a tonne, having hit its lowest in 14 months on Wednesday.
SUGAR
* March raw sugar SBc1 settled down 0.15 cent, or 0.8%, at 17.71 cents per lb, having hit an over three-week low of 17.69 cents.
* Dealers said funds may have more to liquidate over the next few weeks, but are unlikely to take the market much lower given the strength of nearby versus later-dated sugar futures SB1=R.
* Production of candy and chocolate in Brazil increased 11.7% in the first half of 2022, according to industry group ABICAB, which attributed the rise partly to growing popularity of Halloween-style celebrations.
* December white sugar LSUc1fell $2.10, or 0.4%, to $517.20 a tonne.
COCOA
* December New York cocoa CCc1 rose $36, or 1.6%, to $2,314 a tonne.
* Barry Callebaut launched a new type of chocolate on Thursday that it says uses around 50% less sugar, and more cocoa.
* March London cocoa LCCc2rose 10 pounds, or 0.5%, to 1,869 pounds per tonne.
(Reporting by Marcelo Teixeira and Maytaal Angel; Editing by Shailesh Kuber)
((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.
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