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LONDON, Feb 27 (Reuters) – Arabica coffee futures on ICE were lower on Monday, slipping further from last week’s four-month peak, while sugar and cocoa prices were higher.
COFFEE
* May arabica coffee KCc2 was down 0.7% at $1.8645 per lb by 1101 GMT after climbing last week to a four-month high of $1.9415.
* The recent run-up has also been fuelled by short covering by speculators, which now appears to have abated.
* The market continued to be underpinned, however, by tightness in physical markets in Brazil and Colombia and declining exchange stocks.
* Certified arabica stocks at the Intercontinental Exchange stood at 800,137 60kg bags on Feb. 24 after falling by more than 90,000 bags from a 7-1/2 month peak set on Feb. 8.
* May robusta coffee LRCc2 was down 1.1% at $2,128 a tonne.
* Uganda’s coffee exports in January rose 23% from the same month last year, according to a Uganda Coffee Development Authority (UCDA) report seen by Reuters on Saturday.
SUGAR
* March raw sugar SBc1 rose 1.2% to 21.53 cents per lb.
* Dealers said the market continued to derive support from short-term supply tightness, with the March premium to May SB-1=R at about 1.70 cents ahead of its expiry on Tuesday.
* Dealers noted many market participants were away this week at the annual Dubai sugar conference.
* May white sugar LSUc1 gained 0.4% to $564.20 a tonne.
COCOA
* May New York cocoa CCc2 rose 0.7% to $2,767 a tonne, edging back towards last week’s one-year high of $2,812.
* Dealers said the market was supported by tight supplies in top grower Ivory Coast.
* May London cocoa LCCc2 rose 0.8% to 2,133 pounds a tonne.
(Reporting by Nigel Hunt Editing by David Goodman )
(( 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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