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LONDON, Sept 2 (Reuters) – Arabica coffee futures on ICE were marginally higher on Friday, consolidating just below last week’s six-month peak as the focus remained on the weather in top grower Brazil.
COFFEE
* December arabica coffee KCc2 rose by a marginal 0.04% to $2.3260 per lb by 1148 GMT. Prices rose last week to a six-month high of $2.4295.
* The prospect of rain in some parts of Brazil’s coffee areas during the next couple of weeks has at least stalled the run-up in prices, but dealers said that concerns remain over whether there is sufficient moisture to sustain development of coffee buds and cherries after some early flowering.
* “With forecasters anticipating the continuation of La Nina weather conditions through the remainder of 2022, we highlight an increased upside risk to coffee prices due to drought and crop stress,” Fitch Solutions said in a note.
* Honduran coffee exports fell 29% year on year in August as an orange-colored fungus known as leaf-rust, or roya, hit the country’s harvests, the national coffee institute said on Thursday.
* November robusta coffee LRCc2 fell 0.5% to $2,216 a tonne.
SUGAR
* October raw sugar SBc1 rose 1.2% to 18.20 cents per lb.
* Dealers said prices for raws had derived support from the strength of white sugar futures.
* October white sugar LSUV2, which expires on Sept. 15, rose 1.8% to $569.40 a tonne after setting a contract high of $573 earlier in the session.
* A prolonged drought in some parts of Europe has helped to drive up whites prices while dealers also noted short-covering on the October contract ahead of its looming expiry.
COCOA
* December New York cocoa CCc2 rose 0.5% to $2,380 a tonne.
* December London cocoa LCCc2 was up 0.2% at 1,868 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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