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Updates with comments and closing prices
NEW YORK/LONDON, Nov 25 (Reuters) – Arabica coffee futures closed up on Friday as the market extended its rebound from last week’s 16-month low, while raw sugar fell reverting an early jump.
Trading volumes were smaller than average as many dealers in the U.S. were still away from desks after Thursday’s Thanksgiving Day.
COFFEE
* March arabica coffee KCc2 settled up 2.3 cents, or 1.4%, at $1.6505 per lb as the market pulled further away from last week’s 16-month low of $1.5405.
* The contract gained 6.4% in the week, regaining most of the ground lost the previous week when prices fell by 7.7%.
* Brazilian farmers and agronomists have downgraded their views, however, for next year’s crop after the post-flowering period.
* January robusta coffee LRCc1 rose $15, or 0.8%, at $1,857 a tonne.
* The robusta market has been supported by rains in Vietnam that have disrupted the harvest.
SUGAR
* March raw sugar SBc1settled down 0.22 cents, or 1.1%, at 19.33 cents per lb. The contract lost 3.6% in the week.
* Dealers noted mills in Brazil continued to favour using cane for sugar rather than ethanol production.
* Archer Consulting reported a high volume of hedging by Brazilian mills for next year’s crop, estimating that amount at 49% of expected exports.
* Czarnikow on Thursday cut its forecast for global sugar surplus for the current 2022/23 season to 2 million tonnes from 3.6 million previously.
* March white sugar LSUc1 fell $9.40, or 1.7%, at $529.70 a tonne.
COCOA
* March New York cocoa CCc2settled up $40, or 1.6%, to $2,484 a tonne. The contract gained 1% in the week.
* March London cocoa LCCc2 rose 26 pounds, or 1.3%, to 1,985 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Shinjini Ganguli, Emelia Sithole-Matarise 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.
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